Marketing Philosophy and Organizational Structure

These flashcards cover key concepts related to marketing philosophy and organizational structure as discussed in the course.

Marketing Philosophy

A business philosophy that focuses on understanding and meeting customer wants and needs.

Core Marketing Principles

Fundamental concepts that guide marketing strategies, including understanding consumer behavior, market segmentation, and value creation.

Value

The benefits received by the customer in exchange for the costs incurred.

Societal Marketing Concept

A marketing approach that emphasizes not only meeting customer needs but also considering the long-term welfare of society.

Customer Value

The perception of what a product or service is worth to a customer versus the possible alternatives.

Mission Statement

A formal summary that defines the purposes and primary objectives of an organization.

Strategic Planning

The process of developing and maintaining a strategic fit between an organization's goals and capabilities and its changing marketing opportunities.

Growth-Share Matrix

A framework used to analyze the strategic position of a business brand portfolio based on market share and market growth.

Product Philosophy

A marketing philosophy that focuses on producing the best possible product available.

Customer Satisfaction

A measure of how products and services supplied by a company meet or surpass customer expectation.