Basic Marketing Chapter 1

Marketing
the 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
people giving up something in order to receive something they would rather have
4 competing philosophies that have a strong influence an organization marketing process
productions, sales, societal marketing, market
production orientation
a philosophy that focus on the internal capabilities of the firm rather than on the desires and needs of the marketplace
sales orientation
the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales results in high profits
market concept
the idea that the social and economic justification for an organization’s existence is the satisfaction of customers wants and needs while meeting organizational objectives
market orientation
a philosophy that assumes that a sale snot not depend on an aggressive sales force but rather on a customer’s decision to purchase a product
societal marketing orientation
the idea that an organization exist not only to satisfy the customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals’ and societies long-term interests
customer value
the relationship between benefits and the sacrifice necessary to obtain those benefits
customer satisfaction
customers’ evaluation of a good or service in terms of whether it has met their needs or expectations
relationship marketing
a strategy that focuses on keeping and improving relationships with current customers
empowerment
delegation of authority to solve customer’s problems quickly