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6 Cards in this Set

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marketing
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
exchange
The trade of things of value between buyer and seller so that each is better off after the trade.
Requirements for marketing to occur (4)
1. two or more parties (individuals or organizations) with unsatisfied needs;
2. a desire and ability on their part to be satisfied;
3. a way for the parties to communicate;
4. something to exchange
Marketing focuses on _______ and _______ consumer needs.
discovering; satisfying
need versus want
A _need_ occurs when a person feels physiologically deprived of basic necessities such as food, clothing, and shelter.

A _want_ is a felt need that is shaped by a person's knowledge, culture, and personality.
market
Group of potential consumers, which is:
1. _people_
2. with the _desire_ and
3. _ability_ to buy a specific product.