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| process, performance, function, (function + process), activity "performance of business activities that directs the flow of goods and services from producers to consumers" (1948) creation and delivery of a standard of living to society |
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| a specific group of customers upon whom an organization focuses its marketing efforts |
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| Product, Price, Distribution, Promotion |
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| good, service, or idea for sale; everything received in the exchange process |
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| amount of money charged for a product |
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| informing customers of product |
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| 1850's - 1920's ; US Industrial Revolution; "you make it, they'll buy it" |
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| 1920's - 1950's; "make it so we can sell it" |
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| 1950's - Present; "give the customer what they want" |
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| Value-Driven Marketing (Value of Product) |
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| = (benefits) - (customer costs) |
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| the want-satisfying power of a good or service |
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| = (target market) + (marketing mix) |
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