M: Marketing Chapter 1–Overview of Marketing

marketing
an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
marketing plan
a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements
exchange
the trade of things of value between the buyer and the seller so that each is better off as a result
marketing mix (4 Ps)
product, price, place, and promotion–the controllable set of activities that a firm uses to respond to the wants of its target markets
goods
items that can be physically touched
services
any intangible offering that involves a deed, performance, or effort that cannot be physically possessed; intangible customer benefits that are produced by people or machines and cannot be separated from the producer
ideas
intellectual concepts–thoughts, opinions, and philosophies
B2C (business-to-consumers)
the process in which businesses sell to consumers
B2B (business-to-business)
the process of selling merchandise or services from one business to another
C2C (consumer-to-consumer)
the process in which consumers sell to other consumers
value
reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives
value cocreation
customers act as collaborators with a manufacturer or retailer to create the product or service
relational orientation
a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship
customer relationship management (CRM)
a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers
supply chain
the group of firms that make and deliver a given set of goods and services
marketing channel
the set of institutions that transfer the ownership of and move goods from the point of production to the point of consumption; consists of all the institutions and marketing activities in the marketing process
entrepreneurs
a person who organizes, operates, and assumes the risk of a new business venture