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Principles of Marketing Flashcards

Principles of Marketing Flashcards
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Marketing-oriented Company
This type of company focuses on what is in demand from customers.
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Customer Value
This is the relationship between the benefits a customer receives for a good compared to what the customer must give in exchange for it.
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Relationship Marketing
When operating under this marketing strategy, companies worry about keeping and improving relationships with existing customers.
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Societal Marketing Orientation
This type of company philosophy uses a marketing orientation in combination with acting on the belief that the company's products and services make society better.
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Marketing Orientation
This type of company philosophy focuses on firms building long-term relationships with customers while meeting their needs and wants above all else.
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Sales Orientation
This type of company philosophy centers on using strong sales methods to sell more products and services.
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Production Orientation
This type of marketing strategy looks at the internal capacity of a company and determines what the company can produce the best, not what a consumer needs or wants.
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15 cards in set

Flashcard Content Overview

This flashcard set covers marketing orientations, which are philosophies that companies adopt to meet the needs of customers. The review provides information on the different types of company orientations, such as marketing, production, sales, and societal marketing. You will also learn more about the differences between marketing and sales orientations. Examples of relationship marketing and customer value are reviewed, and you will learn more business ethics. By the end of the review you will understand that marketing is more than just sales. It is a combination of activities like public relations, sales promotion, advertising, social media, pricing, and distribution.

Front
Back
Production Orientation
This type of marketing strategy looks at the internal capacity of a company and determines what the company can produce the best, not what a consumer needs or wants.
Sales Orientation
This type of company philosophy centers on using strong sales methods to sell more products and services.
Marketing Orientation
This type of company philosophy focuses on firms building long-term relationships with customers while meeting their needs and wants above all else.
Societal Marketing Orientation
This type of company philosophy uses a marketing orientation in combination with acting on the belief that the company's products and services make society better.
Relationship Marketing
When operating under this marketing strategy, companies worry about keeping and improving relationships with existing customers.
Customer Value
This is the relationship between the benefits a customer receives for a good compared to what the customer must give in exchange for it.
Marketing-oriented Company
This type of company focuses on what is in demand from customers.
Sales-oriented Company
This type of company looks to sell goods that it is best equipped to produce.
Exchange
This is the ultimate outcome for marketing, and it occurs when there are two parties communicating clearly, exchanging something of value, and wanting to deal with each other.
Corporate Social Responsibility
This is when a business is considers society's well-being when making decisions.
Stakeholder Theory
This is a philosophy that states that to be socially responsible, a company must meeting the needs of every stakeholder, from employees to customers.
Sustainability
According to this concept, a company that is successful is one that helps society.
Crowdsourcing
This occurs when customers assist in the development of a product or service.
Marketing
Promotion, advertising, social media, pricing, and public relations all combine to become a part of this business activity.
Product, Place, Price, Promotion
These four elements make up the core of a company's marketing plan.

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