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25 Cards in this Set

  • Front
  • Back
Nature of Marketing
To create value by allowing people and
organizations to obtain what they need
and want.
The Exchange Relationship
The act of giving up something (money, credit, labor,
goods) in return for something else (goods, services,
or ideas)
Functions of Marketing
• Buying
• Selling • Grading
• Transporting • Financing
• Storing • Marketing research
• Grading • Risk taking
The Marketing Concept
The idea that an organization should try to
satisfy customer’s needs through
coordinated activities that allow it to
achieve its own goals (profit)
Evolution of the Marketing Concept
• The production orientation
–During the second half of the 19th century
• The sales orientation
–By the early part of the 20th century
• The marketing orientation
–By the 1950s
Marketing strategy
A plan of action for developing pricing,
distributing and promoting products that meet the needs of specific customers
Two major components of marketing strategy
–Selecting a target market
–Developing the appropriate marketing mix
Market
A group of people who have a need,
purchasing power, and the desire and authority to spend money on goods, services, and ideas
Target market
A more specific group of consumers on whose needs and wants a company focuses its marketing effort.
Niche Market
Narrow market segment focus when
efforts are on one small, well-defined segment that has a unique, specific set of needs.
Market Segmentation
A strategy to divide the total market into groups of people who have relatively similar
product needs
Bases for Segmenting Markets
• Demographic
• Geographic
• Psychographic
• Behavioristic
Developing the Marketing Mix
• Product
• Price
• Distribution
• Promotion
Product
• A good, service, or idea that has tangible
and intangible attributes that provide
satisfaction and benefit to consumers
–Products should be sold at a profit
Price
• A value placed on a product or service that is exchanged between a buyer and seller
Distribution
Making products available to consumers in the quantities and locations desired
Promotion
A persuasive form of communication that attempts to expedite a marketing exchange by
influencing individuals and organizations to accept goods, services, and ideas.
Marketing research
A systematic, objective process of getting customer information to guide marketing decisions.
Marketing information system
A framework for assessing information about customers from internal and external sources.
Primary data
Marketing information that is observed, recorded, or collected directly from respondents.
Secondary data
Information that is compiled inside or outside an organization for some purpose other than changing the current situation.
Buying Behavior
The decision processes and actions of people who purchase and use products.
Psychological Variables of
Buying Behavior
• Perception
• Motivation
• Learning
• Attitude
• Personality
Social Variables of Buying
Behavior
• Social roles
• Reference groups
• Social classes
• Culture
The Marketing Environment
External forces that directly or indirectly influence the development of marketing strategies.
–Political
–Legal
–Regulatory
–Social
–Competitive
–Economic, and technological