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13 Cards in this Set

  • Front
  • Back
Market Offering
Some combination of products, services, information, or experiences offered to a market to satisfy a want or need.
Marketing Myopia
The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
Needs
States of felt deprivation (food, clothing, warmth)
Wants
The form human needs takes as shaped by culture and individual personality. (need food, want a big mac)
Demands
Human wants that are backed by buying power.
Marketing
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Exchange
The act of obtaining a desired object from someone by offering something in return.
Market
The set of all actual anad potential buyers of a product or service.
Marketing Management
The art and science of choosing target markets and building profitable relationships with them
Production Concept
The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
Product Concept
The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should devote its energy to making continuous product improvements.
Selling Concept
The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.
Marketing Concept
The marketing management philosophy holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.