1.01
A set of institutions and processes for communicating, creating, delivering, and exchanging offerings that have value to others
Allows marketers to be successful without wasting time/money
What are the Marketing Functions
What SMART could mean
What is specific, measurable, achieveable, relevant, and time bound
Geographic, Demographic, Psychological, and Behavioral
What is Market Segmentation
What is a Durable Good
What SWOT could stand for
What are Strength, weakness, opportunites, threats
Referred to as the 4 P's
What are product, price, place, and promotion
Occasions, benefits, loyalty, and usage rate
What is Behavioral Segmentation
True or False
A person can be marketed
True
Determines activities, goals, or objectives
What is Market Planning
How does the Marketing Concept apply to the situation? When does the company want to reach its goal? What resources are available?
Location, Climate, Culture, Population, Language, Urbanicity
What is Geographic Segmentation
The philosophy that businesses' actions should be aimed at the well-being of customers while upholding company values
What is the Marketing Concept
Gathers, accesses, synthesizes, and evaluates information
What is Marketing Information Management
Solution to customers needs
What is Product
Attitude, Personality, Lifestyle, Values, Interests
What is Psychographic Segementation
What can be marketed
What are goods, experiences, ideas, places, people, information, organizations, or services
What are the marketing functions
What is Market Planning, Product Service Management, Marketing Information Management, Pricing, Channel Management, Promotion, Selling
customers' perception of value, prices by competitors, price to manufacture
Age, gender, ethnicity, race, religion, family size, life stage, occupation, income level, social status, education, political affiliation
What is Demographic Segmentation