Marketing Pride/Ferrell Chapter 1

Marketing
The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
Customers
The purchasers of organizations’ products; the focal point of all marketing activities.
Target Market
A specific group of customers on whom an organization focuses its marketing efforts.
Marketing Mix
Four marketing activities–product, pricing, distribution, and promotion–that a firm can control to meet the needs of customers within its target market.
Product
A good, a service, or an idea
Value
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product
Exchange
The provision or transfer of goods, services, or ideas in return for something of value
Stakeholders
Constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes
Marketing Enviroment
The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix
Marketing Concept
A managerial philosophy that an organization should try to satisfy customer’s needs through a coordinated set of activities that also allows the organization to achieve its goals
Marketing Orientation
An organizationwide commitment to researching and responding to customer needs
Customer Relationship Management (CRM)
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
Relationship Marketing
Establishing long-term, mutually satisfying buyer-seller relationships
Green Marketing
A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural enviroment
Customer Lifetime Value
A key measurement that forecasts a customer’s lifetime economic contribution based on continued relationship marketing efforts.