Term
| What is the definition for marketing? |
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Definition
| The process of creating, pricing distributing, and promoting products to facilitate exchange relationships with customers and to maintain favorable relationships with all stakeholders in a dynamic environment. |
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Term
| name and explain the four parts of the marketing mix |
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Definition
1. Product: good, service, or idea
2. Price: competitive tool
3. Place: availability/convenience
4. Promotion: public awareness |
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Term
| What is the marketing concept? |
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Definition
| Marketing Concept: emphasizes organization-wide commitment to: determining customer needs, developing satisfying products, and keeping pace with changing preferences. |
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Term
| Know what SWOT analysis stands for. |
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Definition
• Strengths: competitive advantages or core competencies
• Weaknesses: imitations on competitive capabilities
• Opportunities: favorable conditions in the environment
• Threats : conditions or barriers to researching objectives |
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Term
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Definition
| The thing a firm does extremely well. |
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Term
| Understand how buying power and willingness to spend affect marketing. |
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Definition
| 1. Buying Power: resources, such as money, goods, and services that can be traded in exchange. |
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