Term
| Define the term marketing p.2-4 |
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Definition
| marketing: the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. |
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Term
| Define 4 marketing management philosophies p.4-7 |
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Definition
Production: Internal capabilities of the firm
Sales: Aggressive sales techniques and belief that high sales result in high profits
Market: Satisfying customer needs and wants while meeting objectives
Societal: Satisfying customer needs and wants while enhancing individual and societal well-being |
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Term
| Discuss the differences between sales and market orientations p.7-12 |
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Definition
Sales: Focus on their own needs
Marketing: focus on customers’ needs and preferences
Sales: Consider themselves to be deliverers of goods and services
Marketing: view themselves as satisfiers of customers
Sales: Direct their products to everyone
Marketing: Aim at specific segments of the population
Sales: Place a higher premium on making a sale
Marketing: Seek a long-term relationship with the customer
Sales: pursue maximum sales volume through intensive promotion
Marketing: Pursue customer satisfaction through coordinated activities |
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Term
| Describe several reasons for studying marketing p.12-13 |
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Definition
Marketing affects the allocation of goods and services that influence a nation’s economy and standard of living.
An understanding of marketing is crucial to understanding most businesses.
Career opportunities in marketing are diverse, profitable, and expected to increase significantly during the coming decade.
Understanding marketing makes consumers more informed. |
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