marketing
process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
customers
purchasers of organizations' products; the focal point of all marketing activities.
target market
a specific group of customers that the organization focuses and caters its marketing efforts thereunto.
marketing mix
product//pricing//distribution(place)//promotion. The firm manipulates these 4p's in order to meet the needs of customers within its target market.
product
a good, service, or idea
political forces and economic forces are examples of...
the marketing environment; the 6 components of strategic marketing
legal and regulatory forces is an example of...
the marketing environment; the 6 components of strategic marketing
Technology, sociocultural, and competitive forces are examples of...
the marketing environment; the 6 components of strategic marketing
value
a customer's subjective assessment of benefits relative to costs in determining the worth of a product. (ex. value-driven marketing---make something seem important and necessary for someone to use.
exchanges
the provision or transfer of goods, services, or ideas in return for something of value.
stakeholders
constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes.
marketing environment
the competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix.
marketing concept
a managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals.
market orientation (related: production orientation//new technology + production. sales orientation//sell more and advertise more.)
an organization-wide commitment to researching and responding to customer needs.
customer marketing
establishing long-term, mutually satisfying buyer-seller relationships.
customer lifetime value
a key measurement that forecasts a customer's lifetime economic contribution based on continued relationship marketing efforts.
marketing importance in the world brings us...
costs consume a sizable portion of buyers' dollars///used in nonprofit organizations///important to businesses and economy--keep it running///fuels the global economy///marketing knowledge enhances consumer awareness///through marketing tech. it connects
green marketing
a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment.
customer relationships management (CRM)
using info. about customers to create marketing strategies that develop and sustain desirable customer relationships.
relationship marketing
establishing long-term, mutually satisfying buyer-seller relationships.