Marketing ch. 1 Definitions

American Marketing Association definition of Marketing
the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, etc.
Market
people with both the desire and the ability to buy a specific offering
target market
a group of potential customers to which an organization directs its marketing program
4 P’s of marketing mix (also called controllable factors)
Product, Price, Promotions, Place
Customer Value Proposition
a cluster of benefits that an organization promises customers to satisfy their needs
environmental forces
marketing mix factors beyond the marketers control
customer value
the combination of benefits received by targeted buyers at a specific price
Marketing program
a pan 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 while also trying to achieve the organization’s goals
Market Orientation
an organization that focuses its efforts on continuously collecting information about customer’s needs, sharing this info across departments, and using it to create customer value
Customer Relationship Management (CRM)
the process of identifying prospective buyers, understanding them, and developing favorable long-term perceptions of the organization and its offerings so buyers will choose them in the marketplace
Customer Experience
the internal response that customers have to all aspects of an organization
Societal Marketing Concept
the view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being
Ultimate Consumers
people who use the products sold and services purchased for a household
Organizational Buyers
organizations that buy products and services for their own use or for resale
Utility
the benefits or customer value received by users of the product
Put the Business Orientations in historical order
production era; sales era; marketing concept era; customer relationship era