the activity, set of instructions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.

The trade of things of value between a buyer and a seller so that each is better off after the trade

Marketing works with who?

Multiple departments: IT, HR, manufacturing, finance, senior management, regulatory, and research & development

What is needed for Marketing to occur

Two or more parties with unsatisfied needs, a desire and ability to have their needs satisfied, a way for the parties to communicate, and something to exchange

consists of people with both the desire and the ability to buy a specific offering

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

What are Controllable Factors?

Product, price, promotion, and place

consist of the controllable factors (4 P's) that can be used by the manager to solve a marketing problem

Environmental factors

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

is the 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

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

are the relatively homogenous group of prospective buyers that (1) have common need and (2) will respond similarly to a marketing action

is the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

Marketing Unit 1

Chapters 1-5

Term	Definition
Marketing	the activity, set of instructions, and process 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 a buyer and a seller so that each is better off after the trade
Marketing works with who?	Multiple departments: IT, HR, manufacturing, finance, senior management, regulatory, and research & development
What is needed for Marketing to occur	Two or more parties with unsatisfied needs, a desire and ability to have their needs satisfied, a way for the parties to communicate, and something to exchange
Market	consists of people with both the desire and the ability to buy a specific offering
Target Market	consists of one or more specific groups of potential consumers toward which an organization directs its marketing program
What are Controllable Factors?	Product, price, promotion, and place
Marketing Mix	consist of the controllable factors (4 P's) that can be used by the manager to solve a marketing problem
Environmental factors	the uncontrollable forces that affect a marketing decision and consist of social economic, technological, competitive and regulatory forces
Customer Value	is the 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	is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
Marketing segments	are the relatively homogenous group of prospective buyers that (1) have common need and (2) will respond similarly to a marketing action
Marketing concept	is the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals

Created by: user-2023960

"Know" box contains:
Time elapsed:
Retries: