Marketing Ch 1
Terms
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- 4 Elements of Marketing
- Product, Distribution, Price, Promotion
- Four Conditions in order for an exchange to take place
- 1. Two or more parties must possess something of value that the other party desires. 2. The exchange should provide benefit to both parties 3. Each party must have confidence in the promise of something of value held by the other other 4. The parties in the exchange must meet expectations
- Factors that affect the marketing environment
- Political, Economic, Cultural, Technological, Legal and Regulatory, and Competitition
- Marketing Concept
- Philosophy that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals
- Marketing orientation
- An organizationwide commitment to researching and responding to customer needs
- Three ways profits can be obtained through relationships
- Acquiring new customers, Enhancing the probability of existing customers, and extending the duration of customer relationships
- Relationship marketing
- Establishing long-term, mutually satisfying buyer-seller relationships
- What does CRM stand for
- Customer Relationship Management
- How much of each buyer's dollar is absorbed by marketing costs?
- Half
- Marketing management
- The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently
- What is value?
- A customer's subjective assessment of benefits relative to costs in determining the worth of a product