Chapter 1 Flashcards
Marketing
A set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships
Marketing Plan
A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the 4 Ps, action programs, and projected or pro forma income (and other financial statements) statements.
Need
A basic necessity
Ex: food, water, clothing, shelter, safety
Want
The particular way in which a person chooses to satisfy a need, which is shaped by a person’s knowledge, culture and personality
Market
The groups of people who need or want a company’s products or services and have the ability and willingness to buy them
Target Market
The customer segment or group to whom the firm is interested in selling its products and services
Exchange
The trade of things of value between the buyer and the seller so that each is better off as a result
Marketing Mix (4 Ps)
Product
Price
Place
Promotion
The controllable set of activities that a firm uses to respond to the wants of its target markets
Goods
Items that can be physically touched
Services
Intangible customer benefits that are produced by people or machines and cannot be separated from the producer
Ideas
Thoughts, opinions, philosophies and intellectual concepts
Price
The overall sacrifice a consumer is willing to make - money, time, energy - to acquire a specific product or service
B2C (Business to Consumer)
The process in which businesses sell to consumers
B2B (Business to Business)
The process of selling merchandise or services from one business to another
C2C (Consumer to Consumer)
The process in which consumers sell to other consumers
