Lesson 1.1 Basic Marketing Concept Flashcards

A set of 15 vocabulary flashcards covering the fundamental definitions and concepts of marketing from Lesson 1.1.

Marketing

Methods and business processes used to reach consumers with messages about the value of products or services for sale.

Marketing Concept

The perspective that selling products/services depends on identifying and satisfying consumer needs and wants.

Need

Something a consumer must have and cannot live without (e.g., food, shelter, clothing).

Want

Something a consumer would like to have but can survive without (e.g., luxury items, electronics, tickets).

Exchange Process

A transaction between at least two parties (buyer and seller) that serves as the basis for economic transactions.

Buyer

An individual or organization seeking to acquire a product or service in a transaction.

Seller

A party offering a product or service in exchange for something else of value.

Freedom to Decline

A component of the exchange process stating that each party must be free to agree to or decline a transaction.

Mutually Beneficial

A transaction where both the buyer and the seller gain something of value.

Transfer of Value

The final stage of an exchange agreement where a buyer pays (usually cash) for a good or service.

Marketing (General Sense)

Methods businesses use to reach consumers with specific messages about the products or services they are attempting to sell.

Business Profitability

Achieved when a business offers the specific goods and services that customers need and want at the right price to satisfy the customer and ensure financial health.

Marketing Influence

How businesses and brands work to guide consumer decisions, sitting at the very core of the marketing concept.

Financial Success

A direct result of a company's ability to effectively market its products and services by identifying and understanding all factors that influence consumer buying decisions.

Roles in the Exchange Process

The buyer seeks to acquire a specific product or service while the seller offers that product or service for something of value, typically cash.