Marketing Chapter 1

Front 1

Marketing

Back 1

The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchanges with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment

Front 2

Marketing Mix

Back 2

4 marketing activities - product, pricing, promotion, and distribution - that a firm can control to meet the needs of customers within its target market (there are also outside forces)

Front 3

Who is the focus of marketing/marketing mix?

Back 3

customers

Front 4

Customers

Back 4

the purchasers of organizations' products; the focal point of all marketing activities

Front 5

Target Market

Back 5

a specific group of customers on whom an organization focuses its marketing efforts

Front 6

Exchange

Back 6

the provision or transfer of goods, services, or ideas in return for something of value

Front 7

Marketing Concept

Back 7

a managerial philosophy that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals

Front 8

Evolution of the Marketing Concept

Back 8

product orientation to sales orientation to marketing orientation

Front 9

Marketing Orientation

Back 9

an organization-wide commitment to researching and responding to customer needs

Front 10

4 Pillars of the Marketing Concept

Back 10

target market
customer needs
integrated marketing
profitability

Front 11

Marketing Management

Back 11

the process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently