Marketing - ANSWERthe 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 - ANSWERpeople giving up something in order to receive something else they would rath...
Marketing - ANSWERthe 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 - ANSWERpeople giving up something in order to receive something else they would rather
have
Production Orientation - ANSWERa philosophy that focuses on the internal capabilities of the firm
rather than on the desires and needs of the marketplace
Sales Orientation - ANSWERthe belief that people will buy more goods and services if aggressive
sales techniques are used and that high sales result in high profits
-seek to generate sales volume through intensive promotional activities, mainly personal selling and
advertising
-inward focus on the goods and services and you produce vs. outward focus on customer
wants/needs
-defines biz in terms of G&S
Marketing Concept - ANSWERthe idea that the social and economic justification for an organization's
existence is the satisfaction of customer wants and needs while meeting organizational objectives
-customer's perceived value is key
-focus on customer needs and wants to distinguish products from competitors' offerings
-integrate all organization's activities to satisfy customer wants
-achieving long-term goals for organization by satisfying customer wants/needs legally and
responsibly
Market Orientation - ANSWERa philosophy that assumes that a sale does not depend on an
aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous
with the marketing concept
-involves obtaining info about customers, competitors and markets; examining the info from a total
business perspective; determining how to deliver superior customer value/satisfaction; and
implementing actions to provide value to customers
-defines biz in terms of the benefits its customers seek
,Advantages of Marketing Orientation - ANSWER-it ensures that the firm keeps focus on customers
and avoids becoming preoccupied w/ goods/services and organization's internal needs
-encourages innovation and creativity y reminding ppl that there are many ways to satisfy customer
wants
-stimulates an awareness of changes in customer desires and preferences so that product offerings
are likely to remain relevant
Societal Marketing Orientation - ANSWERthe idea that an organization exists not only to satisfy
customer wants and needs and to meet organizational objectives but also to preserve or enhance
individuals' and society's long-term best interests
-marketing products and containers that are less toxic than normal, are more durable, contain
reusable materials, or are made of recyclable materials is consistent with a societal marketing
orientation
Customer Value - ANSWERthe relationship between benefits and the sacrifice necessary to obtain
those benefits
-customers value G&S that are of the high quality they expect and sold at prices they are willing to
pay
Customer Satisfaction - ANSWERcustomers' evaluation of a good or service in terms of whether it has
met their needs and expectations
-organizational culture of focusing on delighting customers rather than selling products
-top management is obsessed with it and all employees understand the link bxn their job and
satisfied customers
Relationship Marketing - ANSWERa strategy that focuses on keeping and improving relationships
with current customers
-focus on building long-term relationships with existing customers
-helps increase market share by:
>increasing business with existing customers
>retaining current customers
>and indirectly attracting new customers through
positive word-of-mouth
Successful strategies depend on:
, -customer-oriented personnel
-effective training programs
-employees empowered w authority to make decisions and solve problems
-teamwork
Empowerment - ANSWERdelegation of authority to solve customers' problems quickly--usually by
the first person the customer notifies regarding a problem
Employees develop ownership attitudes:
-manage themselves
-more likely to work hard
-account for their own/company performance
-take prudent risks to build stronger business/sustain company success
Teamwork - ANSWERcollaborative efforts of people to accomplish common objectives
Customer Relationship Management (CRM) - ANSWERa company-wide business strategy designed to
optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise
customer groups
Accomplished by...
-organizing company around customer segments
-establishing and tracking customer interactions with the company
-fostering customer-satisfying behaviors
-linking all process of the company from its customers through its suppliers
On-demand Marketing - ANSWERdelivering relevant experiences, integrated across both physical and
virtual environments, throughout the consumer's decision and buying process
-result of how evolving/sophisticated technology has caused consumer expectations to rise
-companies able to design these due to trends such as growth of mobile connectivity, better-
designed websites, inexpensive communication through tech, and advances in handling big data
Strategic Planning - ANSWERthe managerial process of creating and maintaining a fit between the
organization's objectives and resources and the evolving market opportunities
1. What is the organization's main activity at a particular time?
2. How will it reach its goals?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller papersmaster01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
