Glossary
Chapter 1: An Overview of the Marketing Concept

Jump to a chapter's terms:   1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24

Customer satisfaction
A state that results when an exchange meets the needs and expectations of the buyer. p. 9
Exchange
The provision or transfer of goods, services and ideas in return for something of value. p. 9
Good
A physical entity that can be touched. p. 10
Idea
A concept, philosophy, image or issue. p. 10
Marketing
Individual and organisational activities that facilitate and expedite satisfying exchange relationships in a dynamic environment through the creation, distribution, promotion and pricing of goods, services and ideas. p. 5
Marketing concept
The philosophy that an organisation should try to provide products that satisfy customers' needs through a co-ordinated set of activities that also allows the organisation to achieve its goals. p. 14
Marketing environment
External changing forces within the trading environment: laws, regulations, political activities, societal pressures, economic conditions and technological advances. p. 10
Marketing era
The period in which product and aggressive selling were no longer seen to suffice if customers either did not desire a product or preferred a rival brand, and in which customer needs were identified and satisfied. p. 14
Marketing management
A process of planning, organising, implementing and controlling marketing activities to facilitate and expedite exchanges effectively and efficiently. p. 24
Marketing mix
The tactical "toolkit" of product, place/distribution, promotion, price and people that an organisation can control in order to facilitate satisfying exchange. p. 16
Marketing opportunity
One that exists when circumstances allow an organisation to take action towards reaching a particular group of customers. p. 18
Marketing strategy
One that encompasses the selection and analysis of a target market and the creation and maintenance of an appropriate marketing mix that will satisfy those people in the target market. p. 16
People variable
The aspect of the marketing mix that reflects the level of customer service, advice, sales support and aftermarket back-up required, involving recruitment policies, training, retention and motivation of key personnel. p. 23
Place/distribution variable
The aspect of the marketing mix that deals with making products available in the quantities desired to as many customers as possible and keeping the total inventory, transport and storage costs as low as possible. p. 23
Price variable
The aspect of the marketing mix that relates to activities associated with establishing pricing policies and determining product prices. p. 23
Product
A good, service or idea. p. 10
Product variable
The aspect of the marketing mix that deals with researching consumers' product wants and designing a product with the desired characteristics. p. 22
Production era
The period of mass production following industrialisation. p. 14
Promotion variable
The aspect of the marketing mix that relates to activities used to inform one or more groups of people about an organisation and its products. p. 23
Relationship marketing era
The current period in which the focus is not only on expediting the single transaction but on developing ongoing relationships with customers. p. 14
Sales era
The period from the mid-1920s to the early 1950s when competitive forces and the desire for high sales volume led a business to emphasise selling and the salesperson in its business strategy. p. 14
Service
The application of human and mechanical efforts to people or objects in order to provide intangible benefits to customers. p. 10
Target market
A group of people for whom a company creates and maintains a marketing mix that specifically fits the needs and preferences of that group. p. 21