Ch 11 Marketing (Intro to Business)

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

value

A customer's subjective assessment of benefits relative to costs in determining the worth of a product

Form Utility

the value producers add to materials in the creation of finished goods and services

place utility

utility created by making a product available at a location where customers wish to purchase it

Time utility

utility created by making a product available when customers wish to purchase it

Possession Utility

Usefulness created when ownership of a product is transferred from the seller to the user

Target Market

A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges

Undifferentiated approach

directing a single marketing mix at the entire market for a particular product

concentrated approach

a single marketing mix is directed at a single market segment

Differentiated approach

multiple marketing mixes are focused on multiple market segments

Marketing Environment

the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers

Place (7 P's of Marketing)

Where is business located?

physical environment (7 P's of Marketing)

What type of atmosphere does the business have?

People (7 P's of Marketing)

How do employees act and how knowledgeable?

Product (7 P's of Marketing)

The quality and type of good and services being offered by a business.

Process (7 Ps of marketing)

How easy is it to purchase the product or service? How complicated is it?