Chapter 1

These flashcards cover key vocabulary and concepts from the lecture on marketing, focusing on definitions and important terms that shape the understanding of marketing strategies and relationships.

Marketing

The activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.

Exchange

The trade of things of value between a buyer and a seller so that each is better off after the trade.

Market

A market consists of people with both the desire and the ability to buy a specific offering.

Target Market

A target market consists of one or more specific groups of potential consumers toward which an organization directs its marketing program.

Marketing Mix

The controllable factors—product, price, promotion, and place—that can be used by the marketing manager to solve a marketing problem.

Environmental Forces

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

Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.

Marketing Program

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

Market Segments

Relatively homogeneous groups of prospective buyers that have common needs and will respond similarly to a marketing action.

Marketing Concept

An organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals.

Market Orientation

When an organization focuses its efforts on continuously collecting information about customers’ needs, sharing this information across departments, and using it to create customer value.

Customer Relationship Management (CRM)

The process of identifying prospective buyers, understanding them, and developing favorable long-term perceptions of the organization.

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.

Ultimate Consumers

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

Organizational Buyers

Manufacturers, wholesalers, retailers, service companies, nonprofit organizations, 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.