I Do Check For Understanding Day 1

Marketing

• The process of discovering the needs and wants of potential buyers and customers and then providing goods and services that meet or exceed their expectations.

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  The process of planning, collecting, and analyzing data relevant to a marketing decision.

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  The customer’s feeling that a product has met or exceeded expectations.

• A firm’s ability to produce a product or service at a lower cost than all other competitors in an industry while maintaining satisfactory profit margins.

Exchange

• The traditional 4Ps of marketing: product, price, promotion, place (distribution), now with people added as a key marketing component, which together make up the marketing mix.

• The process in which two parties give something of value to each other to satisfy their respective needs.

• A product priced below cost as part of a leader-pricing strategy.

• The differentiation of markets by personality or lifestyle.

Identifying consumer needs and then producing the goods or services that will satisfy them while making a profit for the organization.

• marketing database

• exchange

• marketing concept

• relationship marketing

The customer’s feeling that a product has met or exceeded expectations.

• Customer satisfaction

• customer value

• survey research

Customer value

• Taking the good or service and selecting a brand name, packaging, colors, a warranty, accessories, and a service program.

• A strategy that focuses on forging long-term partnerships with customers by offering value and providing customer satisfaction.

• The ratio of benefits to the sacrifice necessary to obtain those benefits, as determined by the customer; reflects the willingness of customers to actually buy a product.

• The ratio of benefits to the sacrifice necessary to obtain those benefits, as determined by the customer; reflects the willingness of customers to actually buy a product.

A strategy that focuses on forging long-term partnerships with customers by offering value and providing customer satisfaction.

• one-to-one marketing

• Relationship marketing

• test marketing

• psychographic segmentation