Chapter Review 1. An Introduction to Marketing

Vocabulary flashcards covering core definitions and concepts from Chapter Review 1: An Introduction to Marketing.

Marketing

A series of activities that seeks to discover, investigate, create and announce value for customers and society as a whole.

Four-era model

A historical model provided to understand from where many of the tools and techniques of marketing derived, where each era has contributed to how many view marketing today.

Exchange

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

Customer value

The relationship between benefits and the sacrifice necessary to obtain those benefits.

Market segments

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

Relationship building

The process by which companies can expand their market share in three ways: attracting new customers, increasing business with existing customers, and retaining current customers.

The marketing mix

Also known as the 4 Ps of marketing (product, price, place, and promotion), each of which must be studied and developed to create a proper strategy to attract a market segment.