Marketing Fundamentals

Vocabulary flashcards covering key introductory marketing terms and concepts based on the provided notes.

Marketing

Activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

AMA

American Marketing Association

Goods

Tangible items that have monetary value and satisfy one's needs and wants (e.g., cars, furniture, clothing).

Services

Intangible items that have monetary value and satisfy your needs and wants (e.g., banks, movie theaters, accounting services).

Marketing Concept

The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the business.

CRM

Customer Relationship Management; combines database and computer technology with customer service.

utility

an added value in economic terms; an attribute of goods or services that makes them capable of satisfying customers wants and needs

market

all people who share similar needs and wants and who have the ability to purchase a given product

consumer market

consumers who purchase goods and services for personal use

organizational market

also known as business to business (B2B) this includes all business that buy products for use in their operations

market share

a company’s percentage of the total sale volume generated by all companies that compete in a given market

market segmentation

the process of classifying people who form a given market into even smaller groups

target market

the group of people most likely to become customers, identified for a specific marketing program

customer profile

information abiut the tagret market such as age, gender, income level, marital status, ethnic background, geographic residence, attitudes, lifestyle, and behavior

Marketing Mix

the four basic marketing strategies called the four Ps: product, price, place, and promotion