Overview of Marketing

Front

What is marketing?

Back

Marketing is the activity of creating, communicating, delivering, and exchanging offerings that have value for customers.

Front

What are the two facets of marketing?

Back

Marketing is a philosophy that stresses customer satisfaction and an organizational function that implements this philosophy.

Front

What is an exchange?

Back

An exchange is when people give up something to receive something else they want.

Front

What are the four marketing management philosophies?

Back

1. Production orientation 2. Sales orientation 3. Market orientation 4. Societal marketing orientation

Front

What does production orientation focus on?

Back

It focuses on the firm's internal capabilities rather than the needs of the marketplace.

Front

What is sales orientation?

Back

Sales orientation is the belief that aggressive sales techniques will lead to more sales and profits.

Front

What is market orientation?

Back

Market orientation is the idea that a sale depends on a customer's decision to purchase a product.

Front

What is societal marketing orientation?

Back

It is the idea that an organization exists to satisfy customer wants and needs while also considering society's long-term best interests.

Front

What is customer value?

Back

Customer value is the relationship between the benefits received and the sacrifices made to obtain those benefits.

Front

What is customer satisfaction?

Back

Customer satisfaction is how customers feel about a good or service based on whether it meets their needs.