Chapter 1 (COBU301)

Marketing

is the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.

Customer

Purchasers of the products that organizations develop, promote, distribute, and price

Target Market

A specific group of customers on whom an organization focuses its marketing efforts

Marketing Mix

Four marketing activities—product, distribution, promotion, and pricing—that a firm can control to meet the needs of customers within its target market

Product

a good, service, or idea

Value

A customer's subjective assessment of benefits relative to costs in determining the worth of a product

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 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 oreintation

An organization-wide commitment to researching and responding to customer needs

Customer Relationship Management (CRM)

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships

relationship marketing

Establishing long-term, mutually satisfying buyer-seller relationships

Customer Lifetime Value (CLV)

A key measurement that forecasts a customer's lifetime economic contribution based on continued relationship marketing efforts

Green marketing

A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment

Marketing Environment

The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix