Marketing - A group of activities designed to expedite transactions by creating, distributing, pricing and promoting goods, services, and ideas.
Exchange – the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)
Value – a customer’s subjective assessment of benefits relative to cost in determining the worth of a product.
Making concept – the idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals.
Market orientation – an approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers.
Marketing Strategy - a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers.
Market – a group of people who have a need, purchasing power and the desire and authority to spend money on goods, services, and ideas.
Target market – a specific group of consumers on whose needs and wants a company focused its marketing efforts.
Total- market approach – an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs.
Marketing segmentation – a strategy whereby a firm divides the total market intro groups of people who have relatively similar product needs.
Market segment – a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires.
Concentration approach – a market segmentation approach whereby a company develops one marketing strategy for a single market segment.
Multisegment approach – a market segmentation approach whereby the market aims its effort at two or more segments, developing a marketing strategy for each.
Marketing mix – the four marketing activities – product, price, promotion, and distribution – that the firm can control to achieve specific goals within a dynamic marketing environment.
Price – a value placed on an object exchanged between a buyer and a seller.
Distribution – making products available to customers in the quantities desired.
Promotion – a persuasive form of communication that attempts to expedite a marketing exchange by influencing…