BA1090 - Chapter 1 (Marketing Fundamentals)

Marketing

The process of moving goods, services, and ideas from concept to customer.

Need vs. Want

A need is feeling deprived of basics; a want is a need shaped by culture and personality.

Customer Value Proposition

A unique combination of benefits received by targeted buyers that satisfy their needs.

Target Market

A specific group of existing and potential consumers to which marketers direct their efforts.

Marketing Mix (4Ps)

Product, price, place, and promotion managed to appeal to a target market.

Exchange

The trade of things of value between buyers and sellers so that each benefits.

Product Components

Encompasses tangible goods, intangible services, and concepts or ideas.

Market

Potential consumers who have both the willingness and ability to buy a product.

Customer Relationship Management (CRM)

A relationship marketing tool focused on building long-term customer connections.

Digital Marketing

Using digital technology to reach consumers through computers and mobile devices.