Marketing: Chapter One Vocabulary and Concept
Review
Marketing - ANS-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.
Exchange - ANS-The trade of things of value between buyer and seller so that each is better off
after the trade.
Market - ANS-individuals with both the desire and the ability to buy a specific offering.
Target Market - ANS-one or more specific groups of potential consumers toward which an
organization directs its marketing program.
Marketing Mix (the 4Ps) - ANS-Includes the controllable factors such as product, price,
promotion, and place. These can be used by the marketing manager to solve a marketing
problem.
Environmental Forces - ANS-consists of the uncontrollable forces which include, social,
economic, technological, competitive, and regulatory forces all which effect marketing decisions.
Customer Value - ANS-the unique combination of benefits received by targeted buyers that
include quality, convenience, on-time delivery, and both before-sale and after-sale service at a
specific price.
Relationship marketing - ANS-this links the organization to its individual customers, employees,
suppliers, and other partners for their mutual long-term benefit.
Marketing program - ANS-A plan that integrates the marketing mix (which is the 4Ps: product,
price, promotion, place) to provide a good, service, or idea to prospective buyers.
Market segments - ANS-the relatively homogeneous groups of prospective buyers that have
common needs and will respond similarly to a marketing action.
Marketing concept - ANS-the idea that an organization should strive to satisfy the needs of
consumers while also trying to achieve the organizations goals.
Market orientation - ANS-an organization that focuses its efforts on continuously collecting
information about customers needs, sharing this information across departments, and using it to
create customer value.
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