Chapter 1 Flashcards Preview

Marketing Management > Chapter 1 > Flashcards

Flashcards in Chapter 1 Deck (10):
1

When a person gives up something of value to another for something else they desire to have-usually facilitated by money, but not always-sometimes people trade resources such as time, skill, expertise, intellectual capital

exchange

2

For any exchange to take place, the following five conditions must be present

-There must be at least two parties
-Each party has something that might be of value to the other party
-Each party is capable of communication and delivery
-Each party is free to accept or reject the exchange offer
-Each party believes it is appropriate or desirable to deal with the other party

3

The key to achieving organizational goals is...

Being more effective than competitors in creating, delivering, and communicating superior customer value to your target markets

4

An organization-wide customer orientation with the objective of achieving long-run profits. Introduces marketing at the beginning rather than at the end of the production cycle and integrates marketing into each phase of the business.

Marketing Concept

5

T or F: From a marketing perspective, needs and wants are the same thing.

TRUE

6

Name the parts of the marketing mix:

"4 P's"
-product
-price
-place
-promotion

7

implementation of the marketing concept, based on an understanding of customers and competitors

market orientation

8

placing the customer at the core of all aspects of the enterprise

customer orientation

9

Is a core business activity-leading and managing the facets of marketing to improve individual, unit, and organizational performance

Marketing Management

10

Strategy aimed at unifying different marketing methods such as mass marketing, one-to-one marketing, and direct marketing.

Integrated Marketing