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11 Cards in this Set

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  • Back
What does a marketing strategy consist of?
Selecting a target market and developing a marketing mix to satisfy that market's needs.
What is a marketing mix?
The overall marketing offer to appeal to the target market. It consists of the 4 Ps (price, product, promotion, and place or distribution)
Marketing competition is primarily based upon?
Need identification and satisfaction.
What is marketing?
Executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual or organizational goals.
What is a selling philosophy?
When an organization values selling the most.
What is a marketing philosophy?
When the organization focuses on satisfying the customer.
What does the marketing concept consist of?
1. satisfy customer needs.
2. requires integrated and coordinated efforts
3. focus on long term success
What is marketing as a societal process?
A process that facilitates the flow of goods and services from producers to consumers.
What is an exchange?
The transfer of something tangible or in tangible, actual or symbolic, between two or more social actors.
What is a production philosophy?
When an organization emphasizes the production function.
What are the four marketing institutions?
Retailers
Wholesalers
Marketing Research Firms
Advertising Agencies