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Marketing - Chap 1 Terms

Chap 1 Terms

1utility _____the use of online social media as a communication channel for marketing messages
2marketing _____broadly defined as communication to a firm's buyers about their products
3target market _____refers to a good, service, or idea
4marketing mix _____the power of a good or service to satisfy the wants of consumers
5product _____Product, price, distribution, and promotion
6price strategy _____the process for creating, communicating, and delivering value to customers
7distribution _____when there are more buyers for fewer products
8promotion _____when there are more products than people willing to buy them
9seller's market _____group of people toward who the firm aims its marketing efforts and ultimately its merchandise
10buyer's market _____marketing messages sent to wireless devices, such as phones and tablets
11consumer orientation _____the method of setting profitable and justifiable prices
12transaction-based marketing _____decision involving modes of transportation, warehousing, inventory control, order processing, and selection of marketing channels
13relationship marketing _____traditional view of marketing as a simple exchange process
14mobile marketing _____refers to the development, growth, and maintenance of long-term, cost-effective relationships with individual customers, suppliers, employees, and other partners for mutual benefit
15social marketing _____where the focus is on satisfying the needs and wants of consumers rather than simply producing and selling products

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