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20 Cards in this Set

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  • Back
Marketing
Organizational function/set of proceses for creating, communicating, and delivering value to customes and for managing customer relationships in ways that benefit the org. and its stakeholders.
Exchange
trade of things of value btwn buyer and seller so that each is better off after the trade
Requirements for marketing to occur
1. 2 or more parties w/unsatified needs
2. a desire and ability on their parts to be satisfied
3. way for parties to communicate
4. something to exchange
Market
people with both the desire and ability to buy a specific product
target market
1 or more specific groups of pot. consumers twd which an org. directs its marketing campaign
4 Ps
Product: a good, service, or idea to satisfy the consumer's needs
Price: what is exchanged for the product
Promotion: a means of communication btwn. seller and buyer
Place: means of getting the product into the consumer's hands
Marketing mix
controllable factors; 4ps, that can be used to solve a marketing problem
environmental factors
uncontrollable, including social, economic, tech, competitive, and regulatory
customer value
unique combo of benefits received by targeted buyers: quality, price, convenience, on-time delivery, and b4 and after sale service
relationship marketing
links org. to its customers, employees, suppliers, and other partners for mutual long-term benefits
marketing program
plan that integrates the marketing mix to provide a good, service, or the idea to prospective buyers
marketing concept
idea that an org. should:
-strive to satisfy needs of consumers
-also try to achieve org.'s goals
market orientation
1. continously collecting info about consumer needs
2. sharing info across dept.s
3. using it to create customer value
customer relationship management
process of id prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the org. and its offerings so that buyers will choose them in the marketplace
societal marketing concept
org. should satisfy needs of consumers in a way that provides for society's well being
macromarketing
study of aggregate flow of a nation's goods and services to benefit society
micromarketing
indiv. org. directs its marketing activities and allocates its resources to benefit its customers
ultimate consumers
people who use goods and services purchased for a household
organizational consumers
manufacturers, wholesalers, retailers, and govt. agencies that buy goods and services for their own use/resale
utility
benefits or customer value received by users of the product