the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society as a whole.

the trade of things of value so both the buyer and the seller are better off after the trade.

Four Factors for Marketing to Occur

1. Two or more parties with unsatisfied needs 2. A desire and ability to have their needs satisfied 3. A way for the parties to communicate 4. Something to exchange

people with both the desire and the ability to buy a specific offering. All markets ultimately are people. (made up by potential customers)

one or more specific groups of potential consumers toward which an organization directs its marketing program.

consists of the controllable factors- product, price, promotion, and place- that can be used by the marketing manager to solve a marketing problem. (controllable)

uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces.

the unique combination of benefits received by target buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.

Relationship Marketing

links an organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.

a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

relatively homogeneous groups of prospective buyers who have common needs and will respond similarly to a marketing action.

Consumer 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.

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MKTG Ch. 1-5

intro to marketing unit one definitions

Term	Definition
Marketing	the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society as a whole.
Exchange	the trade of things of value so both the buyer and the seller are better off after the trade.
Four Factors for Marketing to Occur	1. Two or more parties with unsatisfied needs 2. A desire and ability to have their needs satisfied 3. A way for the parties to communicate 4. Something to exchange
A Market	people with both the desire and the ability to buy a specific offering. All markets ultimately are people. (made up by potential customers)
Target Market	one or more specific groups of potential consumers toward which an organization directs its marketing program.
The Marketing Mix	consists of the controllable factors- product, price, promotion, and place- that can be used by the marketing manager to solve a marketing problem. (controllable)
Environmental Forces	uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces.
Customer Value	the unique combination of benefits received by target buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
Relationship Marketing	links an organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.
Marketing Program	a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
Market Segments	relatively homogeneous groups of prospective buyers who have common needs and will respond similarly to a marketing action.
Consumer 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

Created by: user-2022095

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