Marketing Midterm

marketing

the act, set of instructions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

customer relationship management

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so the buyers will stay loyal upon choosing them in marketplace

target market

one or more specific groups of potential consumers that an organization directs its marketing towards

new-product failure

the result of marketing programs not being able to reach the customer or fulfill the customers’ needs

the four P’s

the controllable marketing mix factors:

product: good, service, or idea to satisfy the consumer’s needs

price: what is exchanged for the product

promotion: means of communication between the seller and buyer

place: means of getting the product to the consumer

customer value proposition

cluster of benefits that an organization promises customers to satisfy their needs (i.e. what do they provide to their customers; providing safety conscious parents greater security.."

types of organizations

for-profit: privately owned organization that serves its customers to earn profit

non-profit: nongovernmental organization that serves customers but doesn’t have profit as an organizationl goal

government agency: federal, sate, county, or city unit that provides a specific service to the constituents