MKT Essay ch1,2,3
Chapter 1: Marketing
Key Terms:
Marketing
The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing product, price, place, promotion.
Needs
States of felt deprivation.
Wants
The form human needs take as they are shaped by culture and individual personality.
Demand
Human wants that are backed by buying power.
Market offering
.product or the service that is sold into the marketplace
Marketing myopia
The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
Exchange
The act of obtaining a desired object from someone by offering something in return.
Market
An actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact to trade goods, services.
Marketing management
The art and science of choosing target markets and building profitable relationships with them.
Production concepts
The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
Product concepts
The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements.
Selling concepts
The idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.
Marketing concepts
A philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
Societal market concepts
The idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements,
Key Terms:
Marketing
The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing product, price, place, promotion.
Needs
States of felt deprivation.
Wants
The form human needs take as they are shaped by culture and individual personality.
Demand
Human wants that are backed by buying power.
Market offering
.product or the service that is sold into the marketplace
Marketing myopia
The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
Exchange
The act of obtaining a desired object from someone by offering something in return.
Market
An actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact to trade goods, services.
Marketing management
The art and science of choosing target markets and building profitable relationships with them.
Production concepts
The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
Product concepts
The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements.
Selling concepts
The idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.
Marketing concepts
A philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
Societal market concepts
The idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements,