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30 Cards in this Set
- Front
- Back
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marketing
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a group of activities designed to expedite transactions by creating, distruting, pricing, and promoting goods, services and ideas
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exchange
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the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)
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value
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a customer's subjective assessment of benefits relative to costs in determining the worth of a product
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marketing concept
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the idea that an organization should try to satisfy customers' needs through coordinated activities that also allow it achieve it's own goals
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market orientation
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an approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers
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marketing strategy
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a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers
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market
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a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas
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target market
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a specific group of consumers on whose needs and wants a company focuses its marketing efforts
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total-market approach
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an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs
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market segmentation
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a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs
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marketing segment
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a collection of individuals, groups, or organizations who share one or more characteristics and this have relatively similar product needs and desires
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concentration approach
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a market segmentation approach whereby a company develops one marketing strategy for a single market segment
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multisegment approach
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a market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each
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marketing mix
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the four marketing activities-product, price, promotion, and distribution- that the firm can control to achieve specific goals within a dynamic marketing environment
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price
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a value placed on an object exchanged between a buyer and a seller
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distribution
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making products available to customers in the quantities desired
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promotion
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a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas
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marketing research
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a systematic, objective process of getting information about pottential customers to guide marketing decisions
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primary data
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marketing information that is observed, recorded, or collected directly from respondents
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secondary data
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infomration that is compiled inside or outside an organization for some purpose other than changing the current situation
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buying behavior
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the decisions processes and actions of people who purchase and use products
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perception
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the process by which a person selects, organizes, and interprets information received from his or her senses
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motivation
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inner drive that directs as person's behavior toward goals
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learning
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changes in a person's behavior based on information and experiences
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attitude
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knowledge and positive or negative feelings about soething
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personality
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the organization of an individual's distinguishing charcter traits, attitudes, or haboits
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social roles
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a set of expectations for individuals based on some position they occupy
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reference groups
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groups with whom buyers identify and whose values or attitudes they adopt
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social classes
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a ranking of people into higher or lower positions of respect
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culture
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the integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts
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