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Chapter 1
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customer satisfaction
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customers’ evaluation of a good or service in terms of whether it has met their needs and expectations
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customer value
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the relationship between benefits and the sacrifice necessary to obtain those benefits
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empowerment
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delegation of authority to solve customers’ problems quickly—usually by the first person the customer notifies regarding a problem
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exchange
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people giving up something in order to receive something they would rather have
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market orientation
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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
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marketing
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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
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marketing concept
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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
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production orientation
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a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
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relationship marketing
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a strategy that focuses on keeping and improving relationships with current customers
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sales orientation
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the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
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societal marketing orientation
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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
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teamwork
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collaborative efforts of people to accomplish common objectives
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