The activity, set of instructions, and processes 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.

What are the factors required for marketing to occur?

1) 2 or more parties with unsatisfied needs 2) desire & ability on their part 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.

One or more specific groups or potential consumers where an organization directs its marketing program

What are the 4 P's of marketing?

Product, Price, Promotion, Place

Define 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

Define Relationship marketing

Links the organization to its customers, employees, suppliers, and other partners for their mutual long-term benefit

Define Marketing Program

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

Define Market segment

homogeneous groups of buyers that 1) have common needs and 2) will respond similarly to a marketing action

Define CRM - Customer Relationship Management

process of identifying 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

Define Social marketing concept

view that organizations should satisfy the needs of consumers in a way that provides for society's well-being

What are Ultimate Consumer

the people who use the product and services purchased for a household. (consumer, buyer, customer)

What are Organizational Buyers

those manufacturers, wholesalers, retailers, service companies, non profit organizations, and government agencies that buy products and services for their own use or for resale.

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Marketing Test 1

chapters 1-5

Question	Answer
Define Marketing	The activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Define Exchange	The trade of things of value between a buyer and a seller so that each is better off after the trade.
What are the factors required for marketing to occur?	1) 2 or more parties with unsatisfied needs 2) desire & ability on their part to have their needs satisfied 3) a way for the parties to communicate 4) something to exchange
Define Market	People with both the desire and the ability to buy a specific offering.
Define Target Market	One or more specific groups or potential consumers where an organization directs its marketing program
What are the 4 P's of marketing?	Product, Price, Promotion, Place
Define 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
Define Relationship marketing	Links the organization to its customers, employees, suppliers, and other partners for their mutual long-term benefit
Define Marketing Program	A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
Define Market segment	homogeneous groups of buyers that 1) have common needs and 2) will respond similarly to a marketing action
Define CRM - Customer Relationship Management	process of identifying 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
Define Social marketing concept	view that organizations should satisfy the needs of consumers in a way that provides for society's well-being
What are Ultimate Consumer	the people who use the product and services purchased for a household. (consumer, buyer, customer)
What are Organizational Buyers	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: Jennameseraull

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