Exam 1 Flashcards
Consumer
the ultimate user of a good or service
Marketing
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
marketing mix
a combination of the product itself, the price of the product, the promotional activities that it, and the place where it is made available, that together create a desired response among a set of predefined consumers
four ps
product, price, promotion, and place
product
A tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process; a bundle of attributes including features, functions, benefits, and uses.
promotion
the coordination of a marketer’s communication efforts to influence attitudes or behavior
place
the availability of the product to the customer at the desired time and location
channel of distribution
the series of firms or individuals that facilitates the movement of a product from the producer to the final customer
price
the assignment of value, or the amount the consumer must exchange to receive the offering
exchange
The process by which some transfer of value occurs between a buyer and a seller
consumer goods
The goods individual consumers purchase for personal or family use.
services
Intangible products that are exchanged directly between the producer and the customer
business-to-business marketing
The marketing of goods and services from one organization to another
industrial goods
Goods that individuals or organizations buy for further processing or for their own use when they do business
e-commerce
the buying or selling of goods and services electronically, usually over the internet
not-for-profit organizations (nongovernmental organizations [NGO’s])
Organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members.
marketing concept
A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability
need
The recognition of any difference between a consumer’s actual state and some ideal or desired state.
want
The desire to satisfy needs in specific ways that are culturally and socially influenced.
benefit
The outcome sought by a customer that motivates buying behavior that satisfies a need or want.
demand
Customers’ desires for products coupled with the resources needed to obtain them.
market
all the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange
marketplace
Any location or medium used to conduct an exchange
rentrepreneurs
Enterprising consumer who make money by renting out their possessions when they aren’t using them.