chapter 1 mktg – Flashcards
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Exchange
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people giving up something in order to recieve something they'd rather have instead.
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Exchange requires
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two or more people may barter or trade
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Exchange only takes place with 5 conditions:
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1) must be at least two parties. 2) each party has something that might be of value to the other party 3) each party is capable of communication and delivery 4) each party is free to accept or reject the exchange offer 5) each party believes its approprate or desirable to deal with the other party.
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4 competing philosophies strongly influence an organizations marketing processes -
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- production, sales, market, and social marketing orientations
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production orientation
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philosophy that focuses on internal capabilities of the firm rather than on the desires and needs of a marketplace.
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sales oreintation
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based on belief that people will buy more goods and services if aggresive sales techniques are used and that high sales result in high profits
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marketing concept
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simple and intuively appealing philosophy yhat articulates a market orientation
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the marketing concept focuses on
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customer wants and needs that the organization can distinguish its products from competetitors offerings satisfying customer needs legally and responsibly
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market oriented
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assume a sale doesnt depend on an aggressive sales force by on a customer's decision to purchase the product
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in order to achieve market oriented you
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have to obtain info about customers competetitors and markets, examining info from business perspective, determine how to deliver superior customer value and implement actions to provide value to customers
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societal marketing orientation
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extends the marketing concept by acknolodging that some products that customers want may not really be in their best interests or the best interest of society as a whole.
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customer value
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the relationship between benefits and the sacrafice necessary to obtain those benefits
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good value
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a high quality product that is available only at high price wont be percieved as
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customer satisfaction
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the customer's evaluation of a good or service in terms of whether that good or service has met their needs and expectations
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relationship marketing
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strategy that focuses on keeping and improving relationships with current customers
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delegation of authority
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empowerment
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a sales oriented firm defines its business in terms of
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goods and services
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a market oriented firm defines its business in terms of the
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benefits its customers seek.
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Teamwork
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entails collaborative efforts of people to accomplish common objectives.
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Customer relationship management (CRM)
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a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
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The fundamental objectives of most businesses
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survival, profits, and growth.
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Marketing includes the following activities, which are vital to business organizations:
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assessing the wants and satisfactions of present and potential customers, designing and managing product offerings, determining prices and pricing policies, developing distribution strategies, and communicating with present and potential customers.
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Strategic planning is
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the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.
