Marketing 11th Edition Chapter 1

Marketing
the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
Exchange
the trade of things of value between buyer and seller so that each is better of after the trade
The four Factors of Marketing
1. two or more parties with unsatisfied needs
2. a desire and ability on their part to be satisfied
3. a way for the parties to communicate
4. something to exchange
Market
People with both the desire and ability to buy a specific offering
Target Market
One or more specific groups of potential consumers toward which an organization directs its marketing program
Marketing Mix
The four elements are the controllable factors- product, price, promotion, place- that can be used by the marketing manager to solve a marketing problem
Customer Value Proposition
The cluster of benefits that an organization promotes customers to satisfy their needs
Environmental Forces
Forces beyond marketers control including social, economic, technological, competitive, and regulatory factors.
Customer Value
The unique combination of benefits received by the targeted buyers that includes quality, convenience, on-time delivery, and both before sale and after-sale service at a specific price
Relationship Marketing
links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
Marketing Program
A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
Marketing Concept
The idea that an organization should strive to satisfy the needs of consumers and try to achieve the organization’s goals.
Market Orientation
Focuses its efforts on continuously collecting information about customers’ needs, sharing this information across departments, and using it to create customer value.
Customer Relationship Management
The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
Societal Marketing Concept
The view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being.
Customer Experience
the internal response that customers have to all aspects of an organization and its offering.
Ultimate Consumers
the people who use the products and services purchased for a household.
Organizational Buyers
manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale.
Utility
The benefits or customer value received by users of the product.