Chapter 1

social responsibility

companies acting at least in part in the best interests of society rather than their own interests

customer relationship marketing

The concept of ____ gained popularity, where companies would focus their efforts on understanding the target market so well that they built a relationship with customers over time.

market orientation

A ____ for marketers can be characterized by the phrase "the customer is king/queen," because the focus is on meeting customer needs while making a profit.

sales orientation

A ____ for marketing involves persuasion to make sales as efficiently as possible.

production orientation

A ____ for marketing suggests marketers focus on providing affordable products by making them widely available.

marketing plan

A ____ is a written statement for managing exchanges with customers that includes goals, activities needed to achieve goals, a timeline and budget for included activities, and measures to evaluate the activities.

marketing orientations

As an economy develops, the role and focus of marketing changes to reflect the importance and influence of different business sectors. We can identify five different orientations that develop as an economy grows. These ___ represent an approach to marketing that influences practice.

value propositions

Because different groups want different things, marketers offer different combinations of benefits called ____ that will appeal to some specific groups but not others.

target customers

Different value propositions maximize value for different ___.

plans

Effective ____ spell out what is to be done to encourage exchanges with customers and how these activities should be accomplished (implementation). The marketing manager is responsible for coordinating the activities in the plan and monitoring the activities to completion (control).

perceived value

Marketing is about finding a group of customers who want what you have to offer and providing it better than others do so that you maximize perceived value for that group. This is what differentiates the target market for your product from other customers. Your target market will purchase from you, pay a higher price than others for the same thing, and keep coming back. In other words, good marketers start with an appropri- ate group of customers and then increase the ____ for that group as much as possible.

physical, virtual

Markets can be ___, such as a farmer's market or shopping mall, or ___, such as an online website.

They maximize how much customers are willing to pay while making sure customers think they got more than they paid for

So what is the basic goal of marketing managers in managing exchanges

naïve scientists

To be successful, marketers should be "____."

Market

Typically, we would think about the parties as a company or nonprofit organization and its customers, and the place these parties come to- gether is called a ____

1. Marketing is common sense 2. Marketing is equivalent to sales and advertising 3. Marketing makes people buy things they don't need 4. Marketing Is an Art, and You Either Have the Gift or You Don't 5. Marketing Does Not Involve Numbers

What are the marketing misconceptions?

sales, profit

____— units sold—(i.e., selling more watches) is not the goal. ____—making money—is the goal.

Perceived value

is defined as the perceived benefits relative to the perceived costs associated with an exchange.

marketing

it is ____'s job to manage exchanges with customers.

marketing research

measuring the outcomes of specific marketing activities against goals

Marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

target market

the primary group of customers you would prefer to exchange with. The target market is the focus of the marketing plan