Important Terms

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15 Terms

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Marketing

Making, pricing, promoting, and delivering products to satisfy customer needs and build relationships that benefit both customers and the business

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Customers

People or organizations that buy goods, services, or ideas from businesses to meet their needs or solve problems.

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Target Market

A specific group of people a business focuses its marketing efforts on because they are most likely to buy the product.

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Marketing Mix

The combination of Product, Price, Place (Distribution), and Promotion that a business uses to satisfy its target market.

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Product

Anything a business offers to satisfy a need or want. This includes physical goods, services, or even ideas.

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Value

The customer's personal judgment of what they get (benefits) compared to what they give up (costs) when buying a product.

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Exchanges

A trade where a customer gives something (like money) in return for a product, service, or idea that has value to them.

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Stakeholders

All the people and groups who are affected by or have an interest in a business (e.g., customers, employees, investors, communities).

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Marketing Environment

Outside forces (like competition, laws, technology, society) that can help or hurt a company’s ability to market successfully.

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Marketing Concept

The idea that businesses should focus on satisfying customer needs while also achieving their own goals, like making a profit.

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Market Orientation

A company-wide focus on gathering customer info, sharing it across departments, and responding quickly to customer needs.

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Customer Relationship Management (CRM)

The use of customer data and technology to create strategies that build long-term, profitable customer relationships.

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Relationship Marketing

Building long-term, loyal relationships with customers by continually offering value and satisfying exchanges.

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Customer Lifetime Value (CLV)

The total profit a customer brings to a company over the entire time they do business with that company.

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Green Marketing

Marketing strategies that promote products or practices that are environmentally friendly, aiming to build sustainable relationships with customers and protect the planet.