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