Principles of Marketing Chapter 1: Marketing Strategy and Customer Relationships – Flashcards
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Process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environmen.
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Marketing
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Focal point of all marketing activities. What organizations define their products around.
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Customers
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Specific group of customers that organizations generally focus their marketing efforts on
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Target market
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How and i what amount to use the 4 elements of marketing: Product, pricing, distribution, promotion
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Marketing mix
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Physical entity you can touch
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Good
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Application of human and mechanical efforts to people or objects to provide intangible benefits to customers
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Service
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Concepts, philosophies, images, and issues.
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Ideas
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Relates to activities used to inform individuals or groups about the organization and its products
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Promotion variable
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Relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices
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Price variable
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A customer's subjective assessment of benefits relative to costs in determining the worth of a product
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Value
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Anything a buyer receives in an exchange
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Customer benefits
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Anything a buyer must give up to obtain the benefits the product provides
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Customer costs
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Provision or transfer of goods, services, or ideas
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Exchanges
