MAR 3023 - Chapter 1

  1. Customer Experience
    The internal response that customers have to all aspects of an organization and its offering. p.16
  2. Customer relationship management (CRM)
    The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace. p.15
  3. 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. p.12
  4. Customer value proposition
    The cluster of benefits that an organization promises customers to satisfy their needs. p.11
  5. Environmental forces
    The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces. p.11
  6. Exchange
    The trade of things of value between buyer and seller so that each is better off after the trade. p.5
  7. Market
    People with both the desire and the ability to buy a specific offering. p.10
  8. Market orientation
    An organization that focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value. p.15
  9. Marketing
    The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders and society at large. p.5
  10. Marketing concept
    The idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals. p.15
  11. Marketing mix
    The marketing manager's controllable factors - product, price, promotion, and place - that can be used to solve a marketing problem. p.11
  12. Marketing program
    A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. p.13
  13. Organizational buyers
    Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale. pp.19, 138
  14. Product
    A good, service, or idea consisting of a bundle of tangible attributes that satisfies a consumers' needs and is received in exchange for money or something else of value. pp. 18,244
  15. Relationship marketing
    Links the organization to its individual customers, employeesm suppliers, and other partners for their mutual long-term benefit. p.12
  16. Societal Marketing Concept
    The view that organizations should satisfy the needs of consumers in a way that provides for society's well being. p.17
  17. Target market
    One or more specific groups of potential consumers toward which an organization directs its marketing program. p.10
  18. Ultimate consumers
    The people who use the goods and services purchased for a household. Also called consumers, buyers, or customers. p.19
  19. Utility
    The benefits or customer value received by users of the product. p.20
Card Set
MAR 3023 - Chapter 1
Marketing 11th Edition - Kerin, Hartley, Rudelius