Essentials of Marketing 7e 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 to receive something they would rather have.
Production Orientation
a philosophy that focuses 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 result in high profits
Marketing Concept
the idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives
Market Orientation
a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase product; it is synonymous with the marketing concept
Societal Marketing Orientation
the 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
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 and expectations
Relationship Marketing
a strategy that focuses on keeping and improving relationships with current customers
Empowerment
Delegation of authority to solve customers’ problems quickly – usually by the first person that the customer notifies regarding a problem
Teamwork
collaborative efforts of people to accomplish common objectives