Marketing 11th Edition Kerin Chapter 1

Customer Experience
The internal response that customers have to all aspects of an organization and its offering
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 market place
Customer Value
The unique combination of benefits received by targeted buyers that includes quality, convenience, on time delivery, and both before sale and after sale service at a specific price
Customer Value Proposition
The cluster of benefits that an organization promises customers to satisfy their needs
Environmental Forces
The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces
Exchange
The trade of things of value between buyer and seller so that each is better off after the trade
Market
People with both the desire and ability to buy a specific offering
Market Orientation
An organization that focuses its efforts on (1) continuously collecting information about customers needs, (2) sharing this information across departments, and (3) using it to create customer value
Marketing
The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large
Marketing Concept
The idea that an organization should (1) strive to satisfy the needs of consumers, (2) while also trying to achieve the organizations goals
Marketing Mix
The marketing managers controllable factors (product, price, promotion, and place) that can be used to solve a marketing problem
Marketing Program
A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
Organizational Buyers
Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale
Product
A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value
Relationship Marketing
Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
Societal Marketing Concept
The view that organizations should satisfy the needs of consumers in a way that provides for societys well-being
Target Market
One or more specific groups of potential consumers toward which an organization directs its marketing program
Ultimate Consumers
The people who use the goods and services purchased for a household. Also called consumers, buyers, or customers
Utility
The benefits or cusutomer value received by users of the product