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20 Cards in this Set
- Front
- Back
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Marketing
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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.
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Exchange
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trade of things of value btwn buyer and seller so that each is better off after the trade
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Requirements for marketing to occur
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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 |
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Market
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people with both the desire and ability to buy a specific product
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target market
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1 or more specific groups of pot. consumers twd which an org. directs its marketing campaign
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4 Ps
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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 |
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Marketing mix
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controllable factors; 4ps, that can be used to solve a marketing problem
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environmental factors
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uncontrollable, including social, economic, tech, competitive, and regulatory
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customer value
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unique combo of benefits received by targeted buyers: quality, price, convenience, on-time delivery, and b4 and after sale service
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relationship marketing
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links org. to its customers, employees, suppliers, and other partners for mutual long-term benefits
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marketing program
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plan that integrates the marketing mix to provide a good, service, or the idea to prospective buyers
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marketing concept
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idea that an org. should:
-strive to satisfy needs of consumers -also try to achieve org.'s goals |
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market orientation
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1. continously collecting info about consumer needs
2. sharing info across dept.s 3. using it to create customer value |
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customer relationship management
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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
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societal marketing concept
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org. should satisfy needs of consumers in a way that provides for society's well being
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macromarketing
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study of aggregate flow of a nation's goods and services to benefit society
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micromarketing
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indiv. org. directs its marketing activities and allocates its resources to benefit its customers
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ultimate consumers
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people who use goods and services purchased for a household
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organizational consumers
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manufacturers, wholesalers, retailers, and govt. agencies that buy goods and services for their own use/resale
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utility
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benefits or customer value received by users of the product
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