Principles of Marketing Chapter 1: Marketing Strategy and Customer Relationships

Marketing
Process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environmen.
Customers
Focal point of all marketing activities. What organizations define their products around.
Target market
Specific group of customers that organizations generally focus their marketing efforts on
Marketing mix
How and i what amount to use the 4 elements of marketing: Product, pricing, distribution, promotion
Good
Physical entity you can touch
Service
Application of human and mechanical efforts to people or objects to provide intangible benefits to customers
Ideas
Concepts, philosophies, images, and issues.
Promotion variable
Relates to activities used to inform individuals or groups about the organization and its products
Price variable
Relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices
Value
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product
Customer benefits
Anything a buyer receives in an exchange
Customer costs
Anything a buyer must give up to obtain the benefits the product provides
Exchanges
Provision or transfer of goods, services, or ideas