Marketing 11th Edition Kerin Chapter 1 – Flashcards
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Customer Experience
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The internal response that customers have to all aspects of an organization and its offering
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Customer Relationship Management
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The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the market place
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Customer Value
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The unique combination of benefits received by targeted buyers that includes quality, convenience, on time delivery, and both before sale and after sale service at a specific price
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Customer Value Proposition
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The cluster of benefits that an organization promises customers to satisfy their needs
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Environmental Forces
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The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces
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Exchange
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The trade of things of value between buyer and seller so that each is better off after the trade
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Market
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People with both the desire and ability to buy a specific offering
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Market Orientation
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An organization that focuses its efforts on (1) continuously collecting information about customers needs, (2) sharing this information across departments, and (3) using it to create customer value
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Marketing
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The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large
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Marketing Concept
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The idea that an organization should (1) strive to satisfy the needs of consumers, (2) while also trying to achieve the organizations goals
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Marketing Mix
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The marketing managers controllable factors (product, price, promotion, and place) that can be used to solve a marketing problem
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Marketing Program
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A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
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Organizational Buyers
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Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale
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Product
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A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value
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Relationship Marketing
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Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
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Societal Marketing Concept
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The view that organizations should satisfy the needs of consumers in a way that provides for societys well-being
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Target Market
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One or more specific groups of potential consumers toward which an organization directs its marketing program
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Ultimate Consumers
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The people who use the goods and services purchased for a household. Also called consumers, buyers, or customers
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Utility
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The benefits or cusutomer value received by users of the product
