Marketing Management Exam 1 Complete Solutions
Requirements for Marketing transactions ️1. Two or more parties w/ unsatisfied needs
2. Ability and willingness to satisfy them
3. A way to communicate
4. Something to exchange
market ️people with the ability and desire to buy a specific ...
, customer value ✔️the unique combination of benefits received by target buyers that includes quality,
convenience, on-time delivery, and both before-sale and after-sale service at a specific price
relationship marketing ✔️developing and maintaining effective customer relationships
marketing program ✔️a plan that integrates the marketing mix to provide a good, service or idea to
prospective buyers
market orientation ✔️focuses its efforts on continuously collecting information about customer's
needs, sharing this information across departments , and using it to create customer value
customer relationship management (CRM) ✔️the process of identifying prospective buyers
understanding the intimately, and developing favorable long-term perceptions of the organization and
its offerings so that buyers will choose them in the marketplace
societal marketing concept ✔️the view that organizations should satisfy the needs of consumers in a
way that provides society's well-being
customer experience ✔️the foundation of customer relationship management
ultimate consumers ✔️people who use the goods and services purchased for a household
organizational buyers ✔️manufacturers, wholesalers, retailers, and government agencies that buy
goods and services for their own use or for resale
utility ✔️the benefits or customer value received by users of the product
consumer behavior ✔️actions a person takes in purchasing and using products and services
purchase decision process ✔️1. problem recognition
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