Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

20 Cards in this Set

  • Front
  • Back
2 suggestions for new products
1)focus on what customer benefit is 2) learn from past
when does need/want occur
when person feelss deprived of basic neccessity. want is when need is shaped by knowledge, culture, personality
what is a market
made up by potential customers which is people with both desire and ability to buy a specific product
target market?
1 or more specific groups of potential customers toward which and org directs its markteing
4 P's of marketing
Product, Price, Promotion, Place.
marketing mix?
marketing managers controllable factors(4 P's)- that can be used to solve the problem
5 uncontrollable enviromental factors factors
social, economic, technological, competitive, and regulatory
customer value?
unique combo of benefits recieved by targeted buyers that include quality, price, convenience, on time delivery, and both before and after sale service
production era
Goods were scarce and products would sell themselves. no marketing
sales era
hiring sales people
marketing concept era
idea that org. should strive to satisfy customer needs and also while achieving org's goal
customer era
market orientation - focues efforts on continuously collecting info about customer needs, sharing this info across depts, and using it to create customer value
customer relationship management (CRM)
process of indentifying prospective buyers, understanding them intimatley and devloping favorable long term perceptions of the org so that customers will choose them.
buy for ourselves or household
consumers and org. customers to buy for org's use.
concept exchange and bartering
value by customers equals an exchange w/ $. Bartering is trading
3 factors influence marketing functions
org., society, external
explain 3 factors of marketing functions
org- how well marketing is, impacts how they'll do
society - influences orgs markeing ( shareholders_
external - uncontrollable factors
how are needs and wants discovered
marketing research
marketing came out of economics - what makes difference