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MGMT 105 Exam #4

TermDefinition
Marketing Organizational function and set of processes for creating, communicating and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders
Value Relative comparison of a products benefit versus its costs.
Utility ability of a product to satisfy a human want or need
Marketing Mix Combination of product, pricing, promotion and place (distribution) strategies used to market products
Product Good, service or idea that is marketed to fill customer’s needs and wants
Product Differentiation Creation of a product feature or product image that differs enough from existing products to attract customers
Price Process of determining the best price at which to sell a product
Place (Distribution) Part of the marketing mix concerned with getting products from producers to consumer
Promotion Aspect of the marketing mix concerned with the most effective techniques for communicating information about products
Target Market Group of people who have similar wants and needs and can be expected to show interest in same products
Market Segmentation Process of dividing a market into categories of customer types, or “segments”
Created by: mstout
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