Introduction (1) Flashcards
Marketing is a specialized type of communication between _____ and ______.
businesses, consumers
Is marketing a process?
Yes
Marketing as a process means that it involves ______, a sequence of ____ or activity, inputs, tools, data, and outcomes.
people, steps
What is exchange?
Exchange is a basic business function that takes place when a person or company satisfies a need by exchanging money for products or services.
Exchange takes place when a person or company satisfies a _______ by _______ money for products or services.
need, exchanging
When does exchange occur?
when a company sells something
How do consumers enter exchange?
by paying money for the things we want or need.
consumers enter into ______ _______ by paying money for the thing they want or need.
exchange relationships
What are two objectives of a marketer?
- to convince consumers that they should enter exchange relationships.
- to make sure the exchange for goods and services is from the marketers’ brand or company.
An objective of a marketer can be to make sure the exchange for goods and services if from the marketers’ ______.
company
Marketers understand that the strength of the _______ consumers have with a brand has a huge impact on customer loyalty.
relationships
Happy customers are more immune to competing offers, are willing to pay more for solutions from the brands they love, and will readily advocate for their favorite brands through word-of-mouth marketing.
Marketing ______ a communications ______ with customers in which exchange occurs.
manages, process
The benefits from the marketing process are not one-sided: good comes to both parties in the exchange.
In exchange the customer receives _____ from the goods and services they purchase, and the company that sells the goods ______ as well.
value, profits
