Marketing ch. 1 Definitions – Flashcards
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American Marketing Association definition of Marketing
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the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, etc.
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Market
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people with both the desire and the ability to buy a specific offering
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target market
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a group of potential customers to which an organization directs its marketing program
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4 P's of marketing mix (also called controllable factors)
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Product, Price, Promotions, Place
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Customer Value Proposition
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a cluster of benefits that an organization promises customers to satisfy their needs
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environmental forces
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marketing mix factors beyond the marketers control
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customer value
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the combination of benefits received by targeted buyers at a specific price
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Marketing program
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a pan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
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Marketing concept
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the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals
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Market Orientation
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an organization that focuses its efforts on continuously collecting information about customer's needs, sharing this info across departments, and using it to create customer value
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Customer Relationship Management (CRM)
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the process of identifying prospective buyers, understanding them, and developing favorable long-term perceptions of the organization and its offerings so buyers will choose them in the marketplace
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Customer Experience
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the internal response that customers have to all aspects of an organization
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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 society's well-being
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Ultimate Consumers
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people who use the products sold and services purchased for a household
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Organizational Buyers
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organizations that buy products and services for their own use or for resale
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Utility
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the benefits or customer value received by users of the product
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Put the Business Orientations in historical order
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production era; sales era; marketing concept era; customer relationship era
