Marketing

Organizational function.  A set of processes of creating, communicating and delivering value to customers for managing customer relationships in ways that benefit the organization & its shareholders.

Exchange

Idea that people give up something to receive something they rather have.

Can only take place if 5 conditions exsist:

1. Must be at least 2 parties
2. each party must have 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 its is appropriate or desirable to deal with the other party

Production Orientation

Philosophy focuses on the internal capabilities of the firm rather than on the desires and needs of the market place.

-> If you build it they will come.

Sales orientation

The idea that people will buy more goods and services if aggressive sales techniques are used and that higher sales result in higher profit.

-> Lacks understanding of needs/wants of market place.

Marketing Concept

idea that social/economic justification for an organization's existance is the satisfaction of the customers wants and needs while meeting organizational objectives

Includes:

•  Focusing on the customer wants
• integrating all organizations acitivies
• achieving long term goals by staisfying customer wants 

Societal marketing orientation

An organization exists not only to satisfy customers wants and needs and to meet organizational objectives but also to preserve or enhance individual and society's long term best interests.

Example: Turtle car wash products that can be "digested" by waste water treatment plants.

Teamwork

Collaborative efforts of people to accomplish common objective.

Empowerment

Delegation of authority to solve customers problems quickly - usually by the first person that the customer notifies regarding a problem.

Customer Value

The ratio of benefits to sacrafice necessary to obtain those benefits.

Relationship Marketing

A strategy that entails forging long term relationships with customers. It begins with a clear understanding of who your customers are, what they value, whaty they want to buy, and how they prefer to interact with you and be served by you.

Customer Satisfaction

Customer evaluation of a good or service interms of whether it has met their needs and expectations.

Failure to meet needs and expectations results in dissatisfaction with teh good or service. 

Market orientations

Involves obtaining information  about customers, competitors, and markets, examining the information from a total business perspective, determining how to deliver superior customer value, and implementing actions to provide value to customers

one to one marketing

An individualized marketing method that utilizes customer information to build long term personalized and profitable relationships with customers.

Goals:reduce costs, increase customer satisfaction, and increase revenue by building and maintaining customer loyalty

Empowerment

Delegating authority to employees to solve customer problems on the spot.