Chapter 1 Flashcards
1
Q
What is marketing?
A
Process of creating, communicating, delivering, and exchanging offerings
2
Q
4 P’s
A
Product, Price, Place, Promotion
3
Q
Personal Value Equation
A
value = benefits received - (price + hassle)
4
Q
Define Value
A
Total sum of benefits received that meet a buyer’s needs.
5
Q
Who does Marketing?
A
Everyone (individuals, non profit, for profit),
6
Q
Why study marketing?
A
marketing delivers value to both consumers and firms.
