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MKTG 250 Chapter 1

TermDefinition
Exchange trade of things of value between a buyer and a seller so that each is better off after the trade
Factors Required for Marketing to Occur -two or more parties with unsatisfied needs -desire + ability to have their needs satisfied -a way for parties to communicate -something to exchange
Target Market consists of one or more specific groups of potential consumers toward which an organization directs its marketing program
Market consists of people with both the desire + ability to buy a specific offering
4 Ps of Marketing - promotion - price - product - place
Customer Value unique combination of benefits received by targeted buyers that includes, quality, convenience, on-time delivery, and both before-sale and after sale service at a specific price
Relationship Marketing links the 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 the relatively homogenous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing mix
CRM (Customer Relationship Marketing) the process of identifying prospective buying, understanding the 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 the society's well-being
Ultimate Consumer the people who use the products and services purchased for a household
Organizational Buyer those manufacturers, wholesalers, retailers, service companies, non-profit organizations, and government agencies that buy products and services for their own use or for resale
Created by: user-2023011
 

 



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