marketing chapter 1 exam A

Customer Experience

the customer’s overall perception of a brand after interacting with the business

marketing mix

price, place, promotion, product strategies

product strategy

all aspects of product design

place strategy

distribution channels and how products reach consumers; includes rentals

price strategy

the cost to the consumer and the methods used to set the price

promotion strategy

advertising and communication strategies to reach the target audience

Triple Bottom Line

company’s focus on maximizing financial, social, and environmental outcomes

Societal Marketing

The management philosophy that drives the triple-bottom-line, a firm should satisfy customer needs in ways that benefit society

Value Proposition

the total benefits the firm promises to deliver to a customer upon purchase of a product or service

value chain

the series of activities involved in designing, producing, marketing, delivering, and supporting a product

marketing planning

the process by which organizations define their marketing objectives and develop strategies to achieve them