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marketing chapter 1
| Term | Definition |
|---|---|
| what is marketing? | the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
| exchange | the trade of things of value between buyer and seller so that each is better off after the trade |
| what is needed for marketing to occur | 1. two or more parties with unsatisfied needs 2. a desire and ability on their part to have their needs satisfied 3. something to exchange |
| marketing tries to satisfy consumers ... | needs and wants |
| how marketing discovers and satisfies consumers needs | uses surveys, concept tests and other forms of marketing research to understand needs (the challenge is meeting consumers needs with new products) |
| market | people with both the desire and the ability to buy a specific offering |
| target market | one or more specific groups of potential consumers toward which an organization directs it marketing program |
| the 4 p's | product:a good/service/idea to satisfy a consumers needs price: what is exchanged for a product Promotion:a means of communication between the seller and buyer place: a mean of getting the product to the consumer |
| marketing mix | the controllable factors - the 4p's- that can be used by the marketing manager to solve a marketing problem |
| environmental forces | the uncontrollable forces that affect a marketing decision and consists of social, economic, technological, competitive, and regularory forces |
| relationship marketing | mutual long-term benefits, focus on "customer value" |
| customer value | the unique combination of benefits received by targeted buyers that included quality, convenience, on time delivery, and both before-sale and after-sale service at a specific price |
| marketing program | a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| marketing segments | the relatively homogeneous groups of prospective buyers who have common needs and will respond similarly to a marketing action |
| customer relationship management (CRM) | the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase |
| societal marketing concept | the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being |
| product | a good service or idea |
| ultimate consumers | the people who use the products and services purchased for a household |
| organizational buyers | those manufacturers, wholesale, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale |
| marketing works with ----- ----- to provide customer-satisfying products | other departments |
| society | customers, owners, suppliers, other organizations |
| discovering consumers needs | " crowdsourcing" and "innovation tournaments" |
| marketing persuades people to buy the --- things | wrong |
Created by:
addisonbennish