MKT 300 Exam 1 Terms (Ch 1-6) Verified A+
utility ️the power of a good or service to satisfy the wants of consumers
marketing ️the process for creating, communicating, and delivering value to customers
marketing mix ️product, price, distribution, and promotion are part of the _____
ta...
MKT 300 Exam 1 Terms (Ch 1-6) Verified A+
utility ✔️the power of a good or service to satisfy the wants of consumers
marketing ✔️the process for creating, communicating, and delivering value to customers
marketing mix ✔️product, price, distribution, and promotion are part of the _____
target market ✔️the segment of consumers most likely to purchase a particular item
price strategy ✔️the method of setting profitable and justifiable prices
product ✔️refers to a good, service, or idea
distribution ✔️decision involving modes of transportation, warehousing, inventory control, order
processing, and selection of marketing channels
promotion ✔️communication to a firm's buyers about their products
production orientation ✔️manufacturers stressed production of quality products and then looked for
people to purchase them
sales orientation ✔️a belief that creative advertising and personal selling will persuade consumers to
buy
seller's market ✔️market in which there are more buyers for fewer products
buyer's market ✔️market in which there are more products than people willing to buy them
, transaction-based marketing ✔️traditional view of marketing as a simple exchange process
consumer orientation ✔️when the focus is on satisfying the needs and wants of consumers rather than
simply producing and selling products
mobile marketing ✔️marketing messages sent to wireless devices such as phones and tabelts
relationship marketing ✔️the development, growth, and maintenance of long-term, cost-effective
relationships with individual customers, suppliers, employees, and other partners for mutual benefit
social marketing ✔️the use of online social media as a communications channel for marketing
messages
product marketing ✔️involves efforts designed to communicate the benefits of a good or service
person marketing ✔️efforts designed to cultivate the attention and preference of a target market
toward a person
cause marketing ✔️identification and marketing of a social issue, cause, or idea to selected target
markets
place marketing ✔️efforts designed to attract visitors to a particular area; improve consumer images of
a city, state, or nation; and/or attract new business
event marketing ✔️marketing of sporting, cultural, and charitable activities to selected target markets
organization marketing ✔️marketing efforts of mutual-benefit organizations, service organizations, and
government organizations that seek to influence others to accept their goals, receive their services, or
contribute to them in some way
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