MKTG Chapter 1

Flashcards covering key marketing definitions, philosophies, and customer relationship 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 at large.

Facets of Marketing (Philosophy)

A philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction.

Facets of Marketing (Organizational Function)

An organizational function and a set of processes used to implement the marketing philosophy.

Marketing Management Philosophies

Approaches that influence an organization’s marketing processes: Production orientation, Sales orientation, Market orientation, and Societal marketing orientation.

Production Orientation

A business approach where the primary focus is on building a high-quality product rather than meeting consumers' specific needs and wants, prioritizing efficiency, production costs, and competitive prices.

Sales Orientation

The belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits, often lacking an understanding of market needs.

Societal Marketing Orientation

The idea that an organization exists not only to satisfy customer wants and needs and meet organizational objectives but also to preserve or enhance individuals’ and society’s long-term best interests.

Marketing Concept

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.

Market Orientation

An approach that focuses on customer wants and needs, integrates all organizational activities to satisfy those wants, and achieves long-term goals for the organization legally and responsibly.

Customer Value

The relationship between benefits and the sacrifice necessary to obtain those benefits, where customers seek quality goods and services at prices they are willing to pay.

Elements of Value

Categories of value including Functional, Emotional, Life-Changing, and Social Impact.

Customer Satisfaction

Customers’ evaluation of a good or service in terms of whether it has met their needs and expectations.

Relationship Marketing

A strategy that focuses on keeping and improving relationships with current customers, often depending on customer-oriented personnel, effective training, empowered employees, and teamwork.

Customer-Oriented Personnel

Employees whose attitudes and actions are focused on building relationships with customers, supported by an organizational culture that values customer satisfaction.

Defining 'The Firm's Business'

Answering this question in terms of the benefits customers seek, rather than just goods and services, ensuring customer focus, encouraging innovation, and stimulating awareness of changing desires.

Customer Relationship Management (CRM)

A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.

Big Data

The discovery, interpretation, and communication of meaningful patterns in data, challenging to process with traditional methods due to its size, speed, and complexity, used for analytics, personalization, and optimization.

On-Demand Marketing

Delivering relevant experiences, integrated across both physical and virtual environments, throughout the consumer’s decision and buying process, requiring high-quality, responsive services 24/7.