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Marketing Exam 1 AU

QuestionAnswer
Marketing an organizational function and a collection of processes designed to plan for, create, communicate, and deliver value to customers and to build effective customer relationships in ways that benefit the organization and its stakeholders
Brand is a promise to deliver specific benefits associated with products or services to consumers
Demand is the financial capacity to buy what one wants
Need is a necessity to meet an urgent requirement
Utility is the satisfaction received from owning or consuming a product or service
Value is the benefits that exceed the cost of products, services, or other items
Want is a desire for something that is not essential
Marketing Concept is an organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value
Consumer orientation reflects a business focus on satisfying unmet consumer needs and wants
Consumer lifetime value the present value of all profits expected to be earned from a customer over the lifetime of the customer's relationship with a company
Customer relationship management (CRM) is the activities that are used to establish, develop, and maintain customer relationships.
Customer Relationships are created when businesses and consumers interact through a sales transaction of a product or service and continue based on ongoing interaction between the business and the consumer
Production orientation reflects a business focus on efficient production and distribution with little emphasis on any marketing strategy.
Relationship orientation reflects a business focus on creating value-added relationships with suppliers and consumers
Sales orientation reflects a business focus on advertising and personal selling to create demand and move product inventory
Marketing functions activities performed both by consumers and by businesses involved in value creation for specific products or services
4 Ps are the most common classification of a marketing mix and consist of PRODUCT, PRICE, PLACE, PROMOTION
exchange function activities that promote and enable transfer of ownership
Facilitating functions activities that assist in the execution of exchange and physical functions
physical functions activities that enable the flow of goods from manufacturer to consumer.
Created by: asculpepper
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