Flashcards on Marketing Exam 1
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philosophy organization function
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marketing's two facets: 1. a _____________, an attitude, a perspective, or a management orientation that stresses customer satisfaction 2. an ______________ ______________ and a set of processes used to implement this philosophy
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marketing
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the activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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incentives recognition
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research shows that companies that reward employees with ____________ and ____________ on a consistent basis are those that perform best
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competitive advantage
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some companies, such as home depot, believe employees are their biggest _____________ ___________
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exchange
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one desired outcome of marketing is an ____________; people giving up something in order to receive something they would rather have
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two parties communication delivery desirable
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an exchange can take place only if the following conditions exist: 1. there must be at least _____ _______ 2. each party has something that might be of _______ to the other 3. each party is capable of ___________ and _________ 4. each party is free to accept or reject the exchange offer 5. each party believes it is appropriate or __________ to deal with the other party
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production sales market societal marketing
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the 4 philosophies that strongly influence an organization's marketing processes: 1. 2. 3. 4.
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production orientation
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a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
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production
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a ____________ orientation falls short because it does not consider whether the goods and services that the firm produces most efficiently also meet the needs of the marketplace
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production
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Apple has a history of ___________ orientation
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sales orientation
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the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
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sales
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to ______-oriented firms, marketing means selling things and collecting money
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marketing concept
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the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives
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unique experience satisfies
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the recipe for success is to consistently deliver a _____________ _____________ that your competitors cannot match and that ____________ the intentions and preferences of your target buyers
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market oriented
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firms that adopt and implement the marketing concept are said to be _____________ ____________, meaning they assume that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product
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market orientation
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a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous with the marketing concept
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societal marketing orientation
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the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests
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focus business directed goal tools
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sales-oriented and market-oriented firms can be compared in terms of five characteristics: 1. the organization's ____________ 2. the firm's ______________ 3. those to whom the product is ____________ 4. the firm's primary ____________ 5. the _________ used to achieve those goals
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inward looking
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personnel in sales-oriented firms tend to be "____________ ___________," focusing on selling what the organization makes rather than making what the market wants
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external
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market-oriented organizations have an _____________ focus
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customer value
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the relationship between benefits and the sacrifice necessary to obtain those benefits
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perform trust pricing facts service creation
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marketers interested in consumer value: - offer products that ___________ - earn __________ - avoid unrealistic ____________ - give the buyer _________ - offer organization-wide commitment in __________ and after-sales support - co-___________
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relationship marketing
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a strategy that focuses on keeping and improving relationships with current customers
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customer training authority teamwork
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most successful relationship marketing strategies depend on _________-oriented personnel, effective ________ programs, employees with _________ to make decisions and solve problems (empowerment), and _______________
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empowerment
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delegation of authority to solve customers' problems quickly--usually by the first person the customer notifies regarding a problem
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teamwork
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collaborative efforts of people to accomplish common objectives
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goods and services
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a sales-oriented firm defines its business (or mission) in terms of...
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benefits
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a market-oriented firm defines its business (or mission) in terms of the __________ its customers seek
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everybody the average customer
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a sales-oriented firm targets its products at "______________" or "____ __________ ___________"
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specific groups
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a market-oriented firm targets its products at ___________ ____________ of people
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sales volume mismatched
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a sales-oriented firm seeks to achieve profitability through ________ _________ and tries to convince potential customers to buy, even if the seller knows that the customer and product are ______________
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making a sale
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sales-oriented organizations place a higher premium on ______________ ____ __________ than on developing a long-term relationship with a customer
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value satisfaction relationships
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the ultimate goal of most market-oriented organizations is to make a profit by creating customer __________, providing customer ___________, and building long-term ________________ with customers
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market
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nonprofit organizations can and should adopt a ___________ orientation
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promotional
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sales-oriented organizations seek to generate sales volume through ___________ activities, mainly personal selling and advertising
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marketing mix
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market-oriented organizations recognize that each of the four components of the ____________ _________ are important
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society businesses career everyday life
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marketing... - plays an important role in _____________ - is important to ______________ - offers outstanding ___________ opportunities - affects _________ _________
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survival profits growth
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the fundamental objectives of most businesses are ___________, __________ and growth
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wants product prices distribution communicating
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marketing includes the following activities, which are vital to business organizations: - assessing the ______ and satisfactions of present and potential customers - designing and managing ________ offerings - determining ________ and pricing policies - developing __________ strategies - ______________ with present and potential customers
