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MKTG Chapter 1
Fall freshman year first exam for intro to marketing
| Term | Definition |
|---|---|
| 4 P's of Marketing/Marketing Mix | Product, Price, Place, Promotion |
| Marketing | The process of creating, communicating, delivering, and exchanging value with customers to meet their needs and wants |
| 4 Factors Required For Marketing | 2 or more parties with unsatisfied needs, desire and ability to have needs satisfied, way for parties to communicate, something to exchange |
| Organization and its Departments | Senior Management, Human Resources Department, Information technology Department, Marketing Department, Finance Department, Manufacturing Department, Research and Development Department |
| Want | Something someone would like to have, shaped by culture and preference |
| Need | Necessities for survival or well being |
| Target Market | One or more specific groups of potential consumers towards which an organization directs its marketing program |
| Market | Group of people who have a need or want for a product/service and are willing to buy it |
| Exchange | Process of giving something of value for something else |
| Customer Value | The value in the good/service to the buyer, including quality, convenience, on time delivering, both before-sale and after-sale service at a specific price. Thinking "that was worth the price" |
| Relationship Marketing | Links an organization to its individual customers, employees, and suppliers for mutual long term benefit |
| Marketing Program | The overall plan a company uses to market and sell a product, including decisions about the marketing mix |
| CRM (Customer Relationship Management) | The process of understanding customers and building long-term relationships with them so they continue choosing the company and recommend it to others |
| Societal Marketing Concept | The view that organizations should satisfy needs of consumers in a way that provides for society's well being |
| Ultimate Consumer | People who use products/services for a household |
| Organizational Buyer | Manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products/services for their own use or resale |
Created by:
Clare572
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