Marketing Chapter 1, Hunt, Mello

Marketing
The organizational function and set of processes for creating, communicating, and delivering value to customers.
Customer Value
the perceived benefits, both monetary and non-monetary that customers receive from a product compared to the cost associated with obtaining it.
Product orientation
a marketing strategy in which the firm focused on efficient processes and production to create quality products and reduce unit costs
sales orientation
A marketing strategy in which personal selling and advertising are used to persuade consumers to buy new products
marketing concept
A marketing strategy that reflects the idea that a firm’s long-term success must include a company-wide effort to satisfy customer needs
Relationship marketing
A marketing strategy that focuses on attracting, maintaining, and enhancing customer relationships
Exchange
An activity that occurs when a two parties trade things of value so that each perceives to be better
Needs
States of felt deprivation
Wants
The form that human needs take as they are shape by personality, culture, and buying situation
Four Ps of marketing
Product, Price, Place, Promotion