Marketing Management Exam 1 Study Guide

Marketing
Activity of creating, communicating, delivering and exchanging offerings that benefit its customers, the org, its stakeholders, and society at large
Exchange
The trade of things of value between a buyer and a seller so that each is better off after the trade
Target Market
Consists of one or more specific groups of potential consumers toward which an org directs its marketing program
Marketing Mix
Consists of the marketing managers controllable factors (product price promotion and place-that can be used to solve a marketing problem
Customer Value Proposition
The cluster of benefits that an org promises customers to satisfy their needs. (ex. Wal-Mart- “Every Day Low Prices”)
Environmental Forces
Consist of the uncontrollable forces that affect a marketing decision, which consist of social, economic, technological, competitive and regulatory forces
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
Relationship Marketing
Links the org 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
Market Segments
The relatively homogeneous groups of prospective buyers that 1. have common needs 2. will respond similarly to a marketing action
Marketing Concept
The idea that an org should 1. Strive to satisfy the needs of consumers 2. While also trying to achieve the orgs goals
Market Orientation
Occurs when an org focuses its efforts on 1. continuously collecting information about customers’ needs 2. sharing this information across departments 3. using it to create customer value