Ch 1. MC

Marketing refers to
the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
To serve both buyers and sellers, marketing seeks to _____ and satisfy the needs and wants of prospective customers.
discover
Marketing seeks to discover the needs and wants of prospective customers and satisfy them. Essential to this process is the idea of exchange, which refers to
the trade of things of value b/t buyer and seller so that each is better off after the trade.
Four factors are required for marketing to occur: (1) ______; (2) a desire and ability of parties to be satisfied; (3) a way for the parties to communicate; and (4) something to exchange.
two or more parties (individuals or organizations) with unsatisfied needs
A target market refers to
one or more specific groups of potential consumers toward which an organization directs its marketing program.
The element of the marketing mix that describes a good, service, or idea to satisfy consumers’ needs is known as
a product.
The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as
environmental forces.
Relationship marketing refers to
the linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits.
With respect to the history of American business, the ________ era is when today’s firms continuously seek to satisfy the high expectations of customers.
customer relationship
Customer relationship management refers to
the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
A product
is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.
The benefits or customer value received by users of a product is called
utility.
The four utilities marketing creates are
form, place, time, and possession.