Marketing Chapter 1

These flashcards cover essential marketing vocabulary and definitions to aid in understanding key concepts from the lecture.

Marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.

Exchange

The trade of things of value between a buyer and a seller so that each is better off after the trade.

Market

A market consists of people with both the desire and the ability to buy a specific offering.

Target Market

One or more specific groups of potential consumers toward which an organization directs its marketing program.

Marketing Mix

The controllable factors—product, price, promotion, and place—that can be used by the marketing manager to solve a marketing problem.

Environmental Forces

Uncontrollable forces that affect a marketing decision, including social, economic, technological, competitive, and regulatory forces.

Customer Value

The unique combination of benefits received by targeted buyers, including quality, convenience, on-time delivery, and service at a specific price.

Relationship Marketing

Links the organization to individual customers, employees, suppliers, and other partners for their mutual long-term benefit.

Marketing Program

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Market Segments

Relatively homogeneous groups of prospective buyers with common needs who will respond similarly to a marketing action.

Marketing Concept

The idea that an organization should strive to satisfy the needs of consumers while also achieving its own goals.

Market Orientation

When an organization focuses on continuously collecting information about customers’ needs and using it to create customer value.

Customer Relationship Management (CRM)

The process of identifying prospective buyers, understanding them, and developing favorable long-term perceptions for future advocacy.

Customer Experience

The internal response that customers have to all aspects of an organization and its offering.

Societal Marketing Concept

The view that organizations should satisfy the needs of consumers while providing for society’s well-being.

Product

A good, service, or idea consisting of attributes that satisfies consumers’ needs received in exchange for value.

Ultimate Consumers

The people who use the products and services purchased for a household.

Organizational Buyers

Manufacturers, wholesalers, retailers, service companies, non-profits, and government agencies that buy products for use or resale.

Utility

The benefits or customer value received by users of the product.