chapter 1 Flashcards
what is marketing
series of activitites that sekks to discover investigate, create and announce value for customers and society as a whole in long-term
what is value
one that has taken greater prominence in marketing
-by focusing more on value = less about pushy sales and invasive mktg
what is customer value
benefits and sacrifice necessary to obtain those benefits, it is not only a matter of high quality; quality they expect and price they are willing to pay
so basically what does mktg do?
quest to meet needs by providing value
what is an exchange
people giving up one thing to receive another thing they would rather have ex” trading 2 objects, does not require money
an exchange can only happen if: (5)
- at least to parties
- each party has something that can value to the other party
- each party is capable of communication and delivery
- each party can accept or not the offer
- each party believes it is appropriate or desirable to deal with the other party
what is market segment
group of individuals, families, companies, that are placed together cause it is believed that they share similar needs - its the source of costumers need
target market
group for potential customers for whom a company’s product offers the greatest value
what is relationship marketing
strategy focusing on keeping and improving relationships with current customers - ongoing relationship with the same company
why mktg matters
understanding mktg allows people to be informed consumers, and not afraid to demand more form products and services
