Marketing Chapter 1: Creating Customer Relationships and Values through Marketing

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

Exchange

the trade of things of value between the buyer and the seller so that each is better off as a result

Market

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

Product, Price, Place, Promotion

Environmental forces

The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces.

Customer Value

the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price

Relationship Marketing

a strategy that focuses on keeping and improving relationships with current customers

Marketing Program

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

Market Segments

the groups of consumers who have shared characteristics and similar product needs

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 organization wide commitment to researching and responding to customer needs

Customer Relationship Management (CRM)

the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace

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 in a way that provides for society's well-being

Product

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value

Ultimate Consumers

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

Organizational Buyers

manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale

Utility

the benefits or customer value received by users of the product