Marketing the Core 4/e ch 1

marketing
the activity for creating and delivering offerings that benefit the organization, its stakeholders, and society
exchange
the trade of things of value between buyer and seller so that each is better off
market
people with both the desire and ability to buy a specific offering
target market
1 or more specific groups of potential consumers toward which and organization directs its marketing program
marketing mix
the controllable factors- product, price, promotion, and place– that the marketing manager can use to solve a marketing problem
environmental forces
the uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision
customer value
buyer’s benefits, including quality, convenience, on-time delivery, and before-and after-sale service at a specific price
relationship marketing
linking the organization to the individual customers, employees, suppliers, and other partners for their mutual long-term benefit
product
a good, service, or idea to satisfy they customer’s nees
price
what is exchanged for the product
promotion
the means of communication between the seller and buyer
place
a means of getting the product to the customer
marketing program
a plan 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 organizations goals
market orientation
focusing organizational efforts to collect and use information about customers’ needs to create customer value
customer relationship management
the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings that buyers will choose them in the marketplace
societal marketing concept
the view that an organization should discover & satisfy the needs of its customers in a way that also provides for society’s well being
ultimate customers
the people who use the goods and services purchased for a household
organizational buyers
manufacturers, wholesalers, retailers and government agencies that buy goods and services for their own use or for resale
utility
the benefits or customers value received by users of the product
form utility
production of the good or service
place utility
having the offering available where consumers need it
time utility
having the offering available when customers need it
possession utility
the value of making an item easy to purchase through the provision of credit cards, or financial arragement