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MarketingTerms - MARKETING TERMS CHAPTERS 1-6 Chapter 1...

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M ARKETING T ERMS C HAPTERS 1-6 Chapter 1 Customer experience - internal response that customers have to all aspects of an organization and its offering Customer relationship management (CRM) -process of identifying prospective buyers, understanding them intimately and developing favorable long term perceptions of the organization and its offerings so that buyers will choose them in the marketplace Customer value - unique combination of benefits received by targeted buyers that includes quality, convenience, on time delivery and both before-sale and after-sale service at a specific price Environmental forces - social, economic, technological, competitive, and regulatory forces Exchange - trade of things of value between buyer and seller so that each is better off after the trade Market - people with both the desire and the ability to buy a specific offering Market orientation - focuses its efforts on continuously collecting information about customers’ needs, sharing this information across departments and using it to create customer value Marketing - activity for creating communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large Marketing concept - idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals Marketing mix - marketing manager’s controllable factors- product, price, promotion and place- that can be used to solve a marketing program Marketing program - a plan that integrates the marketing mix to provide a good, service or idea to prospective buyers Organizational buyers - manufacturers, wholesalers, retailers and government organizations that buy goods and services for their own use or for resale Relationship marketing - linking the organization to its individual customers Societal marketing concept - view that organizations should satisfy the needs of consumers in a way that provides for society’s well being Target market - one or more specific groups of potential customers toward which an
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