TERMS: Understanding Marketing Basics
customer needs
problems that customers intend to solve with the purchase of a good or service
Marketing Orientation
Everyone who's part of the company or organization must abide by the marketing concept.
The Marketing Concept
Making the customer happy by satisfying their needs is the primary goal.
Market Segmentation
Only bother marketing to the people who are interested in the product or service
Three Types of Marketing
Product/Production Orientation Sales Orientation Customer/Societal Marketing Orientation
Product Life Cycle
Products go through four stages: introduction, growth, maturity, and decline.
Value and the Exchange Process
The customer seeks good value for the product or service they receive.
Marketing Mix
The marketing mix is an outline of the major considerations that a marketing manager has when making decisions about how to best reach her target group
Satisfying Customers' Needs and Wants
Turning needs and wants into a demand for the product creates a profit.
customer wants
needs shaped by culture and personality
positioning
occupying a particular place in the minds of consumers using a marketing mix within a target group
competition
the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms
sales
the exchange of a commodity for money; the action of selling something
target market
the people who are most likely to purchase a product
marketing
the process or technique of promoting, selling, and distributing a product or service
marketing mix
the variables, such as product, price, place, promotion, and service, managed by an organization to influence demand for a product or service