Chapter 1: Introduction to Marketing

differentiation

what makes a product unique and stand out to customers above other products

exchange

a basic business function that takes place when a person or company satisfies a need by exchanging money for products or services

marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

marketing management

the process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress towards their achievement

marketing mix

the building blocks that a marketer can adjust to affect the overall marketing strategy of a product

people

encompasses the human actors who provide goods, services, and ideas to the customer

physical evidence

the tangible elements in the place that the good or service is sold

place

the means of getting the good, service, or idea to the customer

process

the flow of activities involved in providing goods, services, and ideas to the customer

product

a good, service, or idea to satisfy a customer’s needs

price

the amount that is being charged for the good, service, or idea

promotion

the means of communicating with the customer

the marketing concept

a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability

the selling concept

the tendency to focus on selling current products and services to customers

the 4 Ps of marketing

Product, Price, Place, and Promotion

the 7 Ps of marketing

a marketing mix that includes the original 4 Ps: Product, Price, Place, and Promotion

AND the additional Ps of People, Physical Evidence, and Process