Chapt 1 Flashcards
What is marketing?
Process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others.
What are needs?
Emerge from a state of felt deprivation
What are wants?
the specific form taken by a need
What are demands?
the desire for a specific product coupled with intent to buy
What are products?
Anything offered for exchange to satisfy a need/want
What is exchange?
The act of obtaining desired products by offering something in return
What are transactions?
actual term of exchange - specific times, prices, place, etc.
What is a market?
the set of actual and potential buyers of a product
What is micromarketing?
A narrow and focused view, from a company point of view, applies to profit/non profit
What is macromarketing?
Broader view, view as a social process that matches supply with demand, focused on society’s concerns not individual companies.
What’s an example of micromarketing
amazon competing with walmart
What’s an example of macromarketing
increasing consumers awareness of the environment
What is utility?
A value that comes from satisfying human needs
What’s the production concept?
availability and affordability
What’s the product concept?
quality and features
