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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



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


The key to achieving organizational goals is...

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


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


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



Name the parts of the marketing mix:

"4 P's"


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

market orientation


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

customer orientation


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

Marketing Management


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

Integrated Marketing