Marketing chapter 1 terms (Definitions from "Contemporary marketing 17e Boone & Kurtz")

Utility
the want-satisfying power of a good or service.
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 process
Activity in which two or more parties give something of value to each
other to satisfy perceived
needs.
Production orientation
Business philosophy stressing
efficiency in producing a
quality product, with the
attitude toward marketing
that “a good product will sell
itself.”
Sales orientation
Belief that consumers will resist
purchasing nonessential
goods and services, with the
attitude toward marketing
that only creative advertising
and personal selling
can overcome consumers’
resistance and persuade
them to buy.
Sellers market
A market in which there are
more buyers for fewer goods
and services.
buyers market
A market in which there are
more goods and services
than people willing to buy
them.
Consumer orientation
Business philosophy incorporating
the marketing concept that
emphasizes first determining
unmet consumer needs and
then designing a system for
satisfying them.
Marketing concept
Company wide consumer orientation with the objective of achieving
long-run success.
relationship marketing
Development and maintenance of
long-term, cost-effective
relationships with individual
customers, suppliers,
employees, and other
partners for mutual benefit.
marketing myopia
Management’s failure to recognize the scope
of its business.
Bottom Line
Reference to overall company profitability
Person marketing
Marketing efforts designed
to cultivate the attention,
interest, and preferences
of a target market toward a
person (perhaps a political
candidate or celebrity).
place marketing
Marketing efforts to attract
people and organizations to
a particular geographic area.
Cause marketing
Identification and marketing
of a social issue, cause,
or idea to selected target
markets.
event marketing
Marketing of sporting,
cultural, and charitable
activities to selected target
markets
organizational marketing
Marketing by mutual-benefit organizations,
service organizations,
and government organizations
intended to persuade
others to accept their goals,
receive their services,
or contribute to them in
some way.
transaction based marketing
Buyer and seller exchanges characterized by limited communications
and little or no ongoing
relationships between the
parties.
mobile marketing
Marketing messages
transmitted via wireless
technology
interactive marketing
Buyer-seller communications
in which the customer
controls the amount and
type of information received
from a marketer through
channels such as the Internet
and virtual reality kiosks.
social marketing
The use of online social media as
a communications channel for marketing message
strategic alliances
Partnerships in which two or more
companies combine resources and capital to create competitive advantages in a new market
wholesalers
Intermediaries that operate
between producers and
re sellers.
exchange functions
Buying ans selling
ethics
Moral standards of behavior expected by a society.
Social Responsibility
Marketing philosophies, policies, procedures, and actions that have the
enhancement of society’s welfare as a primary objective
sustainable products
Products that can be produced, used, and disposed of with minimal
impact on the environment.