Marketing Management Chapters 1-5:
Complete Study Guide 2026
customer relationship management (CRM) - ANSWER ✔✨---a companywide business strategy
designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and
precise customer groups
customer satisfaction - ANSWER ✔✨---customers' evaluation of a good or service in terms of
whether it has met their needs and expectations
customer value - ANSWER ✔✨---the relationship between benefits and the sacrifice necessary to
obtain those benefits
empowerment - ANSWER ✔✨---delegation of authority to solve customers' problems
quickly?usually by the first person the customer notifies regarding a problem
exchange - ANSWER ✔✨---people giving up something in order to receive something they would
rather have
market orientation - ANSWER ✔✨---a philosophy that assumes that a sale does not depend on an
aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous with
the marketing concept
, marketing - ANSWER ✔✨---the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large
marketing concept - ANSWER ✔✨---the idea that the social and economic justification for an
organization's existence is the satisfaction of customer wants and needs while meeting organizational
objectives
production orientation - ANSWER ✔✨---a philosophy that focuses on the internal capabilities of
the firm rather than on the desires and needs of the marketplace
relationship marketing - ANSWER ✔✨---a strategy that focuses on keeping and improving
relationships with current customers
sales orientation - ANSWER ✔✨---the ideas that people will buy more goods and services if
aggressive sales techniques are used and that high sales result in high profits
societal marketing orientation - ANSWER ✔✨---the idea that an organization exists not only to
satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance
individuals' and society's long-term best interests
teamwork - ANSWER ✔✨---collaborative efforts of people to accomplish common objectives
cash cow - ANSWER ✔✨---in the portfolio matrix, a business unit that generates more cash than it
needs to maintain its market share
competitive advantage - ANSWER ✔✨---a set of unique features of a company and its products
that are perceived by the target market as significant and superior to those of the competition
control - ANSWER ✔✨---provides the mechanisms for evaluating marketing results in light of the
plan's objectives and for correcting actions that do not help the organization reach those objectives
within budget guidelines
Complete Study Guide 2026
customer relationship management (CRM) - ANSWER ✔✨---a companywide business strategy
designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and
precise customer groups
customer satisfaction - ANSWER ✔✨---customers' evaluation of a good or service in terms of
whether it has met their needs and expectations
customer value - ANSWER ✔✨---the relationship between benefits and the sacrifice necessary to
obtain those benefits
empowerment - ANSWER ✔✨---delegation of authority to solve customers' problems
quickly?usually by the first person the customer notifies regarding a problem
exchange - ANSWER ✔✨---people giving up something in order to receive something they would
rather have
market orientation - ANSWER ✔✨---a philosophy that assumes that a sale does not depend on an
aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous with
the marketing concept
, marketing - ANSWER ✔✨---the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large
marketing concept - ANSWER ✔✨---the idea that the social and economic justification for an
organization's existence is the satisfaction of customer wants and needs while meeting organizational
objectives
production orientation - ANSWER ✔✨---a philosophy that focuses on the internal capabilities of
the firm rather than on the desires and needs of the marketplace
relationship marketing - ANSWER ✔✨---a strategy that focuses on keeping and improving
relationships with current customers
sales orientation - ANSWER ✔✨---the ideas that people will buy more goods and services if
aggressive sales techniques are used and that high sales result in high profits
societal marketing orientation - ANSWER ✔✨---the idea that an organization exists not only to
satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance
individuals' and society's long-term best interests
teamwork - ANSWER ✔✨---collaborative efforts of people to accomplish common objectives
cash cow - ANSWER ✔✨---in the portfolio matrix, a business unit that generates more cash than it
needs to maintain its market share
competitive advantage - ANSWER ✔✨---a set of unique features of a company and its products
that are perceived by the target market as significant and superior to those of the competition
control - ANSWER ✔✨---provides the mechanisms for evaluating marketing results in light of the
plan's objectives and for correcting actions that do not help the organization reach those objectives
within budget guidelines
