MARK 1115 - CH 1

what is marketing?

• advertising, promotion, brand, social media, selling

• customer needs and wants

• creating, communicating, delivering, and exchanging

• how to keep a customer (branding)

• may not keep the customer but the publicity they bring (e.g. SNS)

vocab: value

value is the relationship between benefits and the sacrifice necessary to obtain those benefits

vocab: exchange

giving up one thing to receive another thing they would rather have

conditions to exchanges

1. At least two parties are involved.

2. Each party has something that may be of value to the other party.

3. Each party is capable of communication and delivery.

4. Each party is free to accept or reject the exchange offer.

5. Each party believes it is appropriate or desirable to deal with the other party.

vocab: market segments

Market segments are groups of individuals, families, or companies that are placed together because it is believed that they share similar needs.

vocab: building relations

• attracting new customers, retaining current customers, and increasing business with existing customers

→ e.g. point system or free birthday gifts

marketing mix

• product - what to include in the product

• price - geographic location = different pricing

• place - onine vs in-person, location of products

• promotion - sales promotion (BOGO), publicity, advertising, objective (why you’re promoting)

vocab: customer satisfaction

Customer satisfaction is the customer’s evaluation of a good or service in terms of whether that good or service has met the customer’s needs and expectations.

vocab: relationship marketing

Relationship marketing is a strategy that focuses on keeping and improving relationships with current customers