Key Terms
Simpler version
Every process involved in moving a product or service from the organization to the consumer. It includes identifying nee
Interested parties
Those who affect or are affected by a company; also called stakeholders
INTERNAL interested parties
Inside the organization.
EXTERNAL interested parties
Outside the organization.
Value proposition
A promise of value; explains benefits and competitive differentiation concisely
Marketing environment
All internal and external factors influencing marketing decisions
Organizational culture
Shared values and behaviors that define how a company operates
Exchange process
Obtaining a desired product by providing something of value in return
CRM definition
All strategies, techniques, tools, and technologies used to develop, acquire, and retain customers.
Core logic
Retaining a loyal customer costs less than acquiring a new one.
Ethical marketing
A philosophy emphasizing fairness, honesty, and responsibility in all marketing decisions; considers how society benefit
Buyer
Person or entity that purchases goods or services
Consumer
The final user of a purchased product (may differ from buyer)
Customer
Person who purchases the product or service
Customer equity
Total combined lifetime values of all current and potential customers