Chapter 1 Flashcards
(40 cards)
What is the definition of a market?
The set of all actual and potential buyers of a product or service.
What is Marketing?
Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
How can marketing be simply defined?
The delivery of customer satisfaction at a profit.
What did the term ‘Market’ originally refer to?
The place where buyers and sellers gathered to exchange their goods, such as a village square.
What is the main goal of marketers?
To understand the needs and wants of specific markets and select the markets they can serve best.
What results from developing products that create value and satisfaction for customers?
Profitable long-term customer relationships.
How is marketing defined in a social and managerial context?
A process by which individuals and groups obtain what they need and want through creating and exchanging products of value with others.
What do many people mistakenly think marketing is limited to?
Selling and advertising.
What are selling and advertising considered in marketing?
Only the tip of the marketing iceberg.
How should marketing be understood today?
As satisfying customer needs rather than just making a sale.
What is the most basic concept underlying marketing?
Human needs.
How are human needs defined?
States of felt deprivation.
What do human needs include?
Basic physical needs for food, clothing, warmth, and safety.
What are wants?
The form human needs take as they are shaped by culture and individual personality.
Example of wants shaped by culture: If an American needs food, they want _______.
Big Mac, French fries.
Example of wants shaped by culture: If a person in Mauritius needs food, they want _______.
Mango, rice, lentils, beans.
How are wants described?
In terms of objects that will satisfy needs.
What are demands?
Products that people want, given their wants and resources, which add up to the most value and satisfaction.
What happens when wants are backed by buying power?
They become demand.
What are marketing offers?
Combination of products, services, information, or experiences offered to satisfy a need or want.
What types of items can marketing offers include?
Tangible products, services, activities, or benefits.
What is exchange in marketing?
Act of obtaining a desired object by offering something in return.
Define transaction in the context of marketing.
Trade of value between two parties.
