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Marketing Foundations

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Question
Answer
Marketing   creating and maintaining satisfying exchange relationships, also referred to as the process of planning, pricing, promoting, selling and distributing products to satisfy customers' needs and wants  
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Marketing concept   focusing on satisfying customers' needs and wants in order to make a profit  
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Marketing mix   comprises fourbasic marketing strategies collectively known as the four P's of marketing: product, price, place (distribution), and promotion  
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Place   marketing mix element that refers to the location and methods used to make products available to customers  
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Price   the value of money, or its equivalent, placed on a good or service; the actual amount customers pay  
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Product   anything offered to a market to satisfy needs and wants, including tangible goods or intangible services  
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Promotion   any form of communication used to inform, persuade, or remind customers  
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SWOT Analysis   Identifying an organizations internal and external strengths, weaknesses, opportunities, and threats  
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