Study Guide Marketing Analysis

Study Guide for Marketing

Chapter 1-Defining Marketing for the 21st century

1. Marketing- Social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products with others.

2. Core Marketing Concepts-

a. Needs-basic human requirements such as air, food, water, clothing, and shelter.

b. Wants- specific objects that satisfies needs (often shaped by society).

c. Demand- wants for specific products backed by the ability to pay.

d. Products (goods, services, ideas) - anything that can be offered to satisfy a need or want.

e. Value- the sum of the tangible and intangible benefits and costs.

f. Cost- price of a product

g. Satisfaction- a person’s judgment of a product’s perceived performance in relation to expectations.

h. Exchange- the act of obtaining something desired by offering something desirable in return.

i. Transactions- in the exchange process, this occurs after two parties engage in negotiating and reach an agreement.

3. Transaction marketing versus relationship marketing

j. Transaction Marketing-  promotional strategy involves focusing on achieving quick sales without a significant attempt to form a long term customer 

k. Relationship Marketing- the practice of building long-term, mutually satisfying, relationships with key parties (customers, suppliers, and distributors) in order to maintain their long-term preference and business.

4. Market- consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.

5. Marketing Management-the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.

6. Company Orientations Towards the marketplace- a business philosophy which...