MKT 100: Week 1 Lecture Notes - Sept 8

Vocabulary flashcards covering core marketing principles, orientations, societal impact, and operational environments based on MKT 100 Chapter 1 lecture notes.

Marketing

The practice of connecting customer needs with business goals while creating value for both sides and facilitating mutually beneficial exchanges between buyers and sellers.

Customer Education

A function of marketing that helps customers find needed or wanted products, make better choices, and obtain the most value from products.

Product Orientation

A business approach that focuses on creating the "best" product rather than aligning with customer demand.

Criticisms of Marketing

Key concerns including encouraging unnecessary consumption and consumer debt, as well as contributing to environmental problems and waste.

Sustainability

The practice of protecting Earth's resources and reducing environmental impact while ensuring companies remain financially viable.

Ethics

The moral principle summarized as "do no harm."

Social Responsibility

An organizational standard defined as taking action to actively improve society.

Service Dominant Logic

A framework stating that customers seek value whether from products or services, centering on creating, communicating, delivering, and exchanging value.

Metrics

Technology-derived data about customers and business performance used by companies to improve offerings and satisfy customers.

Global Environment

The external worldwide landscape encompassing global markets, regulations, competition, and supply chains that requires companies to understand their impact across different countries and societies.