Flashcards in Chapter 1: An Introduction to Marketing Deck (13)
The activities that develop an offering in order to satisfy a customer need.
A state of being where we desire something that we do not possess but yearn to acquire.
A focus on manufacturing and production quantity in which customers are meant to choose based on what is most abundantly available. First orientation of marketing.
Hard selling to the customers, who has greater choice thanks to more competition in the marketplace. Second orientation of marketing.
Marketing company orientation
A strong emphasis on the marketing concept and development of a more comprehensive approach to understanding the customer. Third orientation of marketing.
Societal marketing orientation
Looking not only at the customer but expanding marketing efforts to include aspects from the external environment that go beyond a firm's customers, suppliers, and competitors. Fourth orientation of marketing.
Customers' evaluation of a good or service in terms of whether it has met their needs and expectations.
A strategy that focuses on keeping and improving relationships with current customers. Fifth orientation of marketing.
People giving up one thing to receive another thing they would rather have.
The relationship between benefits and the sacrifice necessary to obtain those benefits.
The four Ps of marketing: product, price, place, and promotion.
Groups of individuals, families, or companies that are placed together because it is believed that they share similar needs.