Download Test 1 Marketing Exam Chapters 1-7 | BUS - Interactive Marketing and more Quizzes Digital Marketing in PDF only on Docsity! TERM 1 Marketing DEFINITION 1 the activity, set of institutions, and processes for creating, communicating, delivering, and exchange offerings that have value for customers, clients, partners, and society at large. TERM 2 Exchange DEFINITION 2 People giving up something to receive something they would rather have. TERM 3 Conditions of Exchange DEFINITION 3 1. There must be at least two parties 2. Each party has something that might be of value to the other party 3. Each party is capable of communication and delivery 4. Each party is free to accept or reject the exchange offer 5. Each party believes it is appropriate or desirable to deal with the other party TERM 4 Production Orientation DEFINITION 4 a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. TERM 5 Sales Orientation DEFINITION 5 is based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits TERM 6 Marketing Concept DEFINITION 6 a simple and intuitively appealing philosophy that articulates a market orientation. It includes the following: focusing on customer wants and needs so that the organization can distinguish its products from competitors offerings, integrating all the organizations activities, including production, to satisfy these wants, achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly TERM 7 Market Oriented DEFINITION 7 the assumption that a sale does not depend on an aggressive sales force but rather on a customers decision to purchase product TERM 8 Societal Marketing Orientation DEFINITION 8 extends the marketing concept by acknowledging that some products that customers want may not really be in their best interests or the best interest of society as a whole. TERM 9 Customer Value DEFINITION 9 the relationship between benefits and the sacrifice necessary to obtain those benefits. Marketers interested in creating customer value can do so by offering products that perform, earning the trust of the customers, avoiding unrealistic pricing, giving the buyer all of the facts, offer organization wide commitment in service and after sales support TERM 10 Customer Satisfaction DEFINITION 10 the customers evaluation of a good or service in terms of whether that good or service has met their needs and expectations.
