Principles of Marketing Lamb Chapter 1

Exchange
People giving up something in order to receive something else they would rather have
Production orientation
A Philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
Sales orientation
The belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
Marketing concept
Idea that the social and economic justification for an organizations existence is the satisfaction of customer wants and needs while meeting organizational objectives
Market orientation
A philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customers decision to purchase a product.
Societal marketing orientation
The idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals and society’s long term best interest
Customer value
The relationship between benefits and the sacrifice necessary to obtain those benefits
Customer value
Marketers interested in ——– —–
– offer products that perform
– earn trust
– avoid unrealistic pricing
– give the buyer facts
– offer org-wide commitment in service & after sales
– support
– cocreaction
Customer satisfaction
Customers’ evaluation of a good or service in terms of whether it has met their needs and expectations
Relationship marketing
A strategy that focuses on keeping and improving relationships with current customers
Empowerment
Delegation of authority to solve customers’ problems quickly – usually first person the customer notifies regarding a problem
Teamwork
Collaborative efforts of people to accomplish common objectives
Customer relationship management
A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups
Customer relationship management
CRM stands for…