Management
This management philosophy states that an organization exists not only to satisfy customer wants and need, also to preserve or enhance individuals’ and society’s long-term best interests
Societal marketing orientation
name the 4 types of consumer products
Convenience product
Shopping product
Specialty product
Unsought product
Is the relationship between benefits and the sacrifice necessary to obtain those benefits. This is not simply a matter of high quality
Customer value
Salespeople need to start with the needs of the customer and work toward the solution
Give the buyers fact
Carries a wide variety of shopping and specialty goods, including apparel, cosmetics, housewares, electronics, and sometimes furniture
Department Stores
Name the four management philosophies
Production orientation
Sales orientation
Market orientation
Societal marketing orientation
When consumers search extensively for a particular item and are very reluctant to accept substitutes
Specialty product
Is a strategy that focuses on keeping and improving relationships with current customers.
Relationships marketing
Avoid unrealistic pricing
The description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments
Market opportunity analysis (MOA)
This philosophy is based on an understanding that a sale does not depend on an aggressive sales force, but rather on a customer’s decision to purchase a product
Market orientation
A product unknown to the potential buyer, the buyer does not seek for it, also salespeople actively seek leads to potential buyers
Unsought product
Involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
Marketing strategy
Is the customer’s evaluation of a good or service in terms of whether that good or service has met the customer’s needs and expectations.
Customer satisfaction
May be defined as everything, both favorable and unfavorable, that a person receives in an exchange. This may be a tangible good or an intangible service
Product
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
Sales orientation
Is a relatively inexpensive item that merits little shopping effort that is, a consumer is unwilling to shop extensively for such an item
Convenience product
Is a group of individuals or organizations that share one or more characteristics. They therefore may have relatively similar product needs
Market segment
Is what makes an entity's goods or services superior to all of a customer's other choices
Competitive advantage
Many organizations that are frequently noted for delivering superior customer value and providing high levels of customer satisfaction, entails collaborative efforts of people to accomplish common objectives.
Teamwork
Philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
Production orientation
More expensive than a convenience product, it is found in fewer stores, consumers usually buy a shopping product only after comparing
Specialty product
Refers to a unique blend of product, place (distribution), promotion, and pricing strategies (often referred to as the four Ps) designed to produce mutually satisfying exchanges with a target market
Marketing mix
This is the bare minimum requirement. This illustrates the importance of listening to customers to determine the performance characteristics that are most important to them
Offer products that perform
Employees develop ownership attitudes when they are treated like part-owners of the business and are expected to act the part.
Empowerment