Important Terms

Marketing

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

Customers

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

Target Market

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

Marketing Mix

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

Product

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

Value

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

Exchanges

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

Stakeholders

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

Marketing Environment

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

Marketing Concept

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

Market Orientation

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

Customer Relationship Management (CRM)

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

Relationship Marketing

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

Customer Lifetime Value (CLV)

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

Green Marketing

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