Chapter 1: Strategic Marketing Management

Marketing
The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop main favorable relationships with stakeholders in a dynamic environment.
Customers
The purchasers of organization’s products; the focal point of all marketing elements.
Target Market
The group of customers on which marketing efforts are focused.
Marketing Mix
Four marketing elements – product, distribution, promotion, and pricing – that a firm can control to meet the needs of customers within its target markets.
Product
A good, service, or idea.
Exchanges
The provision or transfer of goods, services, or ideas in return for something of value.
Stakeholders
Constituents who have a “stake”, or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes.
Marketing Environment
The competitive, economic, political, legal and regulator, technological, and sociocultural forces that surround the customer and affect the marketing mix.
Marketing Concept
A philosophy that an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals.
Marketing Orientation
An organization wide commitment to researching and responding to customer needs.
Relationship Marketing
Establishing long-term, mutually satisfying buyer-seller relationships.
Customer-centric Marketing
Developing collaborative relationships with customers based on focusing on their individual needs and concerns.
Customer Relationship Management (CRM)
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
Value
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product.
Marketing Management
The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently.
Green Marketing
A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment.