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Marketing
the activity, set of institutions, and processes for creating, communicating, delivering, and exchange offerings that have value for customers, clients, partners, and society at large. TERM 2
Exchange
DEFINITION 2 People giving up something to receive something they would rather have. TERM 3
Conditions of
Exchange
DEFINITION 3
- There must be at least two parties 2. Each party has something that might be of value to the other party 3. Each party is capable of communication and delivery 4. Each party is free to accept or reject the exchange offer 5. Each party believes it is appropriate or desirable to deal with the other party TERM 4
Production Orientation
DEFINITION 4 a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. TERM 5
Sales Orientation
DEFINITION 5 is based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
Marketing Concept
a simple and intuitively appealing philosophy that articulates a market orientation. It includes the following: focusing on customer wants and needs so that the organization can distinguish its products from competitors offerings, integrating all the organizations activities, including production, to satisfy these wants, achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly TERM 7
Market Oriented
DEFINITION 7 the assumption that a sale does not depend on an aggressive sales force but rather on a customers decision to purchase product TERM 8
Societal Marketing Orientation
DEFINITION 8 extends the marketing concept by acknowledging that some products that customers want may not really be in their best interests or the best interest of society as a whole. TERM 9
Customer Value
DEFINITION 9 the relationship between benefits and the sacrifice necessary to obtain those benefits. Marketers interested in creating customer value can do so by offering products that perform, earning the trust of the customers, avoiding unrealistic pricing, giving the buyer all of the facts, offer organization wide commitment in service and after sales support TERM 10
Customer Satisfaction
DEFINITION 10 the customers evaluation of a good or service in terms of whether that good or service has met their needs and expectations.
Mission Statement
Answers the question, "What business are we in"? TERM 17
Marketing
Myopia
DEFINITION 17 defining a business in terms of goods and services rather than in terms of the benefits customers seek. TERM 18
Strategic Business Unit
DEFINITION 18 a subgroup of a single business or collection of related businesses within the larger organization TERM 19
SWOT Analysis
DEFINITION 19 SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. TERM 20
Environmental Scanning
DEFINITION 20 the collection and interpretation of information about forces, events, and relationships on the external environment that may affect the future of the organization or the implementation of the marketing plan.
Marketing Objective
a statement of what is to be accomplished through marketing activities. Should meet several criteria: realistic, measurable, time specific, compared to the benchmark
