Chapter 12 – Customer-Driven Marketing
Marketing – process of planning and executing the conception, distribution, promotion,
and pricing of ideas, goods, services, organizations, and events to create and maintain
relationships that satisfy individual and organizational objectives.
Exchange Process – activity in which two or more parties give something of value to
each other to satisfy perceived needs.
Utility – want-satisfying power of a good or service.
Time Utility – availability of a good or service when customers want to purchase it.
Place Utility – availability of a product in a location convenient for customers.
Ownership Utility – orderly transfer of goods and services from the seller to the buyer;
also called possession utility.
Marketing Concept – companywide consumer orientation to promote long-run success.
Customer Satisfaction – result of a good or service meeting or exceeding the buyer’s need
Value-added – good or service that exceeds value expectation because the company has
added features, lowered its price, enhanced customer service, or made other
improvements that increase customer satisfaction.
Quality – degree of excellence or superiority of a firm’s goods and services.
Person Marketing – use of efforts designed to attract the attention, interest, and
preference of a target market toward a person.
Place Marketing – attempt to attract people to a particular area, such as a city, state, or
Event Marketing – marketing or sponsoring short-term events such as athletic
competitions and cultural and charitable performances.
Cause Marketing – marketing that promotes a cause or social issue, such as the
prevention of child abuse, antilittering efforts, and antismoking campaigns.
Organization Marketing – marketing strategy that influences consumers to accept the
goals of, receive the services of, or contribute in some way to an organization.
Consumer (B2C) Products – good or service, such as DVDs, shampoo, and dental care,
that is purchased by end users.