Marketing Exam 1 AU
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| 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
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| Brand | is a promise to deliver specific benefits associated with products or services to consumers
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| Demand | is the financial capacity to buy what one wants
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| Need | is a necessity to meet an urgent requirement
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| Utility | is the satisfaction received from owning or consuming a product or service
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| Value | is the benefits that exceed the cost of products, services, or other items
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| Want | is a desire for something that is not essential
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| Marketing Concept | is an organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value
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| Consumer orientation | reflects a business focus on satisfying unmet consumer needs and wants
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| 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
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| Customer relationship management (CRM) | is the activities that are used to establish, develop, and maintain customer relationships.
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| 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
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| Production orientation | reflects a business focus on efficient production and distribution with little emphasis on any marketing strategy.
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| Relationship orientation | reflects a business focus on creating value-added relationships with suppliers and consumers
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| Sales orientation | reflects a business focus on advertising and personal selling to create demand and move product inventory
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| Marketing functions | activities performed both by consumers and by businesses involved in value creation for specific products or services
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| 4 Ps | are the most common classification of a marketing mix and consist of PRODUCT, PRICE, PLACE, PROMOTION
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| exchange function | activities that promote and enable transfer of ownership
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| Facilitating functions | activities that assist in the execution of exchange and physical functions
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| physical functions | activities that enable the flow of goods from manufacturer to consumer.
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