Chapter 1 Flashcards
The Creation and maintenance of satisfying exchange relationships
Marketing
What a business offers to satisfy a customer’s needs
Product
This involves the locations and methods used to make products available to customers
Distribution (Place)
The amount a customer pays for a product
Price
Describes ways to encourage customers to purchase products and increase customer satisfaction
Promotion
What is the most important aspect of marketing?
Satisfying customers wants and needs
Key Marketing Functions
- Product/ Service Management 2. Distribution 3. Selling 4. Marketing-Information Management 5. Financing 6. Pricing 7. Promotion
Marketing Mix (The 4 P’s)
Product, Distribution, Price, Promotion
Designing, developing, maintaining, improving, and acquiring products or services so they meet customer needs.
Product/Service Management
Best way to get products to the costumer
Distribution
Includes direct and personal communication with customers to assess and satisfy their needs.
Selling
gathering and using information about customers to improve business decision making
Information Management
Requires a company not only to budget for its own marketing activities, but also to provide customers with assistance in paying for the company’s products or services
Financing
The process of establishing and communicating the value or cost of goods and services to customers
Pricing
Using advertising and other forms of communicating information about products, services, images, and ideas to achieve a desired outcome
Promotion
