| A | B |
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| Marketing Concept | Businesses must satisfy consumers’ needs and wants (give consumers what they want) at the right price, at the right time, and at the right place in order to achieve their goals (i.e., make a profit). |
| CRM (Customer Relationship Managemnet | aspect of marketing that combines customer information (through database and computer technology) with customer service and marketing communications. |
| Marketing | The process of planning and executing the development, pricing, promotion, and distribution of goods and services to create exchanges that satisfy customer needs and ultimately meet organizational goals. |
| Financing | Requires a company to budget for its own marketing activities |
| Marketing Information Management | Process of collecting information about customer trends, and competitor products |
| Pricing | The process of establishing and communicating to customers the value of cost of goods and services |
| Product/Service Management | Obtaining, developing, maintaining, and improving a product or product line to respond to customer needs and wants |
| Promotion | Any form of communication used to inform, persuade, or remind people about a business’s products |
| Selling | Any direct and personal communication with customers to asses and satisfy their needs and wants is considered |
| Distribution | Making decisions about where to sell the product and how it gets there |
| Marketing Mix | comprises four basic marketing strategies known as the four Ps: |
| Place | strategies deal with how and where a product will be distributed |
| Price | strategies should reflect what customers are willing and able to pay. |
| Promotion | strategies deal with how potential customers will be told about a company’s products, including the message, the media selected, special offers, and timing of promotional campaigns: |
| Product | strategies include what product/service to make or improve, what features to include, how to package it, what brand name to use, what image to project, and service/ warranty decisions. |
| Consumer-Generated Marketing | Brand exchanges created by consumers themselves-both invited and uninvited-by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers. |
| Customers | who buys a product. |
| Consumers | who uses a product |
| Market | is the set of actual and potential buyers of a product or service. |
| Market Share | its percentage of total sales in a given market |
| Market Segmentation | The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs. |
| Target Market | a group of people identified as those most likely to become customers. |
| Freedom of ownership | Individuals in our free enterprise system are free to own personal property, such as cars, computers, and homes, as well as natural resources such as oil and land. You can buy anything you want as long as it is not prohibited by law. |
| Risk | the potential for loss or failure in relation to the potential for improved earnings |
| Profit | the money earned from conducting business after all costs and expenses have been paid. Sales Revenue – All Expenses |
| Competition | is the struggle between companies for customers. |
| Price Competition | focuses on the sale price of a product. The assumption is that, all other things being equal, consumers will buy the products that are lowest in price. |
| Nonprice Competition | businesses compete based on the quality of the products, service and financing, business location, reputation, the qualifications or expertise of their personnel, Customer Service |
| Benefits of Marketing | new and improved products, Lower Prices |
| Form Utility | Putting parts together to make a product consumers want. |
| Place Utility | Offering a product where consumers can buy it (e.g. retail store, catalog, Web site). |
| Time Utility | Offering a product at a convenient time of day or year for consumers. |
| Possession Utility | Allowing consumers to take legal ownership of a product. Forms of payment: cash, check, credit, lay-a-way, B2B credit. |
| Information Utility | Communicating information about a product (e.g. through labeling, advertising, or an owners’ manual). |
| Utility | Attributes of a product or service that make it capable of satisfying consumers’ wants and needs. |
