Marketing Mix
A good, service, or idea received in an exchange
What is a product?
___________ are tangible products that customers can see, hear, smell, taste, and/or touch.
What is a good?
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product
What is value?
A managerial philosophy that an organization should try to satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals
What is marketing concept?
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
What is customer relationship management?
Four marketing activities—product, price, distribution, and promotion—that a firm can control to meet the needs of customers within its target market
What is marketing mix?
A specific group of customers on whom an organization focuses its marketing efforts
What is target market?
Anything a buyer receives in an exchange
What is customer benefits?
Businesses viewed sales as the major means of increasing profits
What is sales orientation?
Establishing long-term, mutually satisfying buyer‒seller relationships
What is relationship marketing?
The most flexible marketing-mix variable
What is price?
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.
What is marketing?
Anything a buyer must give up to obtain the benefits the product provides, including cost, time, effort, and risk
What is customer cost?
An organizationwide commitment to researching and responding to customer needs
What is market orientation?
_________ has changed both marketing and business models.
What is disruptive technology?
____________ can increase public awareness of the organization and of new or existing products.
What is promotion?
_____________ are the focal point of marketing activities.
What are customers?
The provision or transfer of goods, services, or ideas in return for something of value
What are exchanges?
As a result of new technology and new ways of using labor, products poured into the marketplace, where demand for manufactured goods was strong.
What is production orientation?
A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
What is green marketing?
To satisfy customers, products must be available at the right time and in appropriate locations
What is distribution?
To develop satisfying exchanges from which both customers and marketers benefit.
What is essence of marketing?
Constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes
What are stakeholders?
____________ has gone through three periods, including:
Production orientation
Sales orientation
Market orientation
What is the evolution of marketing?
Employ marketing activities to create, distribute, promote, and price programs that benefit particular segments of society.
What are Nonprofit organizations?