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Mktg 1030 Ch 1
Vocab Chap 1
Question | Answer |
---|---|
marketing | processes for creating, capturing and delivering offerings that have value for customers. |
marketing plan | a timetable outlining specific marekting activities for a specified period of time. |
exchange | the trade of things of value between buyer and seller. |
marketing mix | set of marketing activities, viz., product, price, place and promotion. |
goods | tangible items |
services | intangible customer benefits produced by people or machines |
ideas | opinions, programs, and philosophies requiring promotion. |
biz to consumer marketing | process of selling merchandise or services from one business to another. |
Biz to Biz marketing | processing of selling merchandise from one business to another. |
C 2 C marketing | Selling products from one customer to another. |
value | relationship of benefits to cost or what ou get for what you pay |
value cocreation | customers act as collaborators to add value to product |
transactional orientation | focusing on a series of individual transactions, like selling used cars |
relational orientation | focusing on developing a long-term relationship with the customer |
customer relationship management | programs and systems that build loyalty among most valued customers. |
supply chain | group of firms that make and deliver products and services to retailer or customer |
entrepreneur | people who organize, operate and assume risk of a business. |