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ch 11
buisness
| Question | Answer |
|---|---|
| marketing | expedite transactions by creating, distributing, pricing, and promoting, goods, services, and ideas |
| exchange | giving up one thing in return for something else |
| value | customer's assessment of benefits relative to costs in determining the worth of a product |
| marketing concept | organization should try to satisfy customer's needs through coordinated activities |
| market orientation | gathering information about customers needs sharing it with the entire firm and build long-term relationships |
| marketing strategy | plan for developing, pricing, distributing, and promoting products that meet customers needs |
| market | group of people that have the need, purchasing power and the desire to spend money on goods, services and ideas |
| target market | group of consumers whose needs and wants a company focuses its marketing efforts |
| total-market approach | a firm tries to appeal to everyone and assumes that all buyers have similar needs |
| market segmentation | firm divides the total market into groups of people who have relatively similar product needs |
| market segment | collection of individuals, groups, or organizations who share one or more characteristics |
| concentration approach | a company develops one marketing strategy for a single market segment |
| multisegment approach | marketer aims its efforts at two or more segments, developing marketing strategy for each |
Created by:
chelsea.lewis
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