ch 1 quiz

Marketing

the process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

Customers

the purchasers of organizations' products; the focal point of all marketing activities

Target market

a specific group of customers on whom an organization focuses its marketing efforts

Marketing mix

product, price, promotion, place

Product

a good, service, or idea

Value

a customer's subjective assessment of benefits relative to costs in determining the worth of a product

Exchanges

the provision or transfer of goods, services, or ideas in return for something of value

Stakeholders

constituents who have a "stake", or claim, in some aspect of a company's products, operations, markets, industry, and outcomes

Marketing concept

a managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals

Market orientation

an organizationwide commitment to researching and responding to customer needs

Relationship marketing

establishing long-term mutually satisfying buyer-seller relationships

Green marketing

A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment