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15 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is marketing?
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Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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"meeting needs profitably"
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Marketing Management
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marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value
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What is marketed?
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goods, services, events, experiences, persons, places, properties, organizations, information, and ideas
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Who markets?
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marketers (someone who seeks a response from another party) and prospects (the other party)
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What is negative demand?
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consumers dislike the product and may even pay to avoid it
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Non-existent demand
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consumers may be unaware of or uninterested in the product
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Latent Demand
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consumers may share a strong need that cannot be satisfied by an existing product
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Declining Demand
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consumers begin to buy the product less frequently or not at all
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Irregular Demand
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consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis
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full demand
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consumers are adequately buying all products put into the marketplace
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overfull demand
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more consumers would like to buy the product than can be satisfied
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unwholesome demand
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consumers may be attracted to products that have undesirable social consequences
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what is a market?
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covers various groupings of customers
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what are the key customer markets?
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consumer, business, global, and non-profit
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What is a marketplace, marketspace, and metamarket?
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marketplace- is physical, such as a store...marketspace- digital, such as internet shopping...metamarket- describes cluster of complementary goods and services closely related in the minds of consumers
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