| A | B |
|---|
| Marketing | creating, distributing, promoting, and pricing goods, services, and ideas to facillitate satisfying echange relationships with customers and maintain favorable relationships |
| Customers | focal point of all marketing activities |
| Target Market | specific group of people in which you hope to reach through your advertisments |
| Marketing Mix | Product, distribution, Promotion, and Pricing |
| Products | what successful marketing efforts result in |
| Goods | physical entity you can touch |
| Service | application of human and mechanical efforts to people or objects to provide intangible benefits to customers |
| exchanges | the transfer of goods, services, or ideas in return for something of value |
| distribution | making products available when, where and in the quantities they are desired in |
| stakeholder | constituents who have a stake or claim in some aspect if a companys products, operations, markets, industry and outcomes |
| Promotion | communication between a buyer and seller |
| Price | critical component because it communicates the value of a product and its quality |
| marketing enviroment factors | competitve, economic, political, legal and regulatory, technological, sociocultural forces |
| Conditions of exchange | needs 2 parties, the echange must provide benefit/satisfaction to both parties and Parties have confidence in Promise of "Something of Value" held by the other. Parties must meet each others expectations. |
| Marketing Management | how you manage the marketing mix in the light of all the enviromental forces surrounding us |
| Marketing concept | philosophy that an organization should try to provide products that satisfy customer's needs. a desire should exist for a product and then the company should make it, ask people what they want and then make it. |
| In marketing concept | customer satifaction is the main focus |
| CRM | customer relationship management |
| Customer Relationship Management | using information about customers to create marketing strategies that develop and sustain desirable customer relationships, mutually beneficial relationship |
| Value | What benefit do I get for the price I have to pay |
| Marketing cost= | 1/2 of what you soend on a product somehow goes toward marketing. |
