Key Terms
The four Ps
What is product, price, promotion, and place?
What is production orientation, sales orientation, and marketing concept?
The two main concepts within the marketing system that transfer money, information, good/services, and communication amongst each other
What is the industry and market
The human wants that are backed by buying power
What is demands?
Name one of the five things marketing is.
What is a set of processes?
What is an organizational function?
What is creating, communication and delivering value to customers?
What is managing customer relationships?
What is benefits the organization & its stakeholders?
What is one of the main purposes of marketing?
What is creating values?
The collection of sellers in the marketing system
What is the industry
The concept that states that consumers will not buy enough of the firm's products unless a large promotion effort is applied.
What is a selling concept?
The definition of a market
What is the marketing concept?
The thing that the collection of buyers gives to the collection of sellers
What is money?
The perceived performance relative to a buyer's expectations
What is customer satisfaction?
The states of felt deprivation (includes food, warmth clothing, etc)
The forms of human necessities as they are shaped by culture and individual personality
Must get both for points
What are needs?
What are wants?
The three time frames for each section of the marketing concept
When was the1850-1920s? (product orientation)
When was the 1930s-1950s? (sales orientation)
When is 1950s-NOW? (Marketing Concept)
The two concepts that an industries provides to markets
What are good and services?
The category that describes high profitability and loyal, long-term customers
What is true friends?
What is product - something of value that a company sells & consumer buys
What is price - everything a buyer gives up in exchange for the product
What is place - all activities necessary to get the product to the right customer wants it
What is promotion - communication by a market that informs, persuades, and reminds potential buyers of a product/ service.
The five steps of the marketing process
What is understanding customer needs, creating customer values, building customer relationships, and capturing value before the firm?
The messages and ideas industries use to communicate with the market
The data and knowledge used by a market given to an industry
(Must get both to get all points)
What is communication?
What is information?
The three considerations underlying the societal marketing concept
What are consumers, society, and company?