Term
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Definition
| - the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from a producer/consumer to a consumer/client |
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Term
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Definition
social process that directs an economy's flow of goods and services from prodeucers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society; how the whole marketing system works, not just individual ones
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Term
| Universal functions of marketing |
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Definition
| Buying, selling, transporting, storing standardizations, financing, risk taking and market information. Each one must be performed in all macro-marketing systems |
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Term
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Definition
- An organization aims all its efforts at satisfying its customers at a profit
-customer satisfaction
-a total company effort
-profit as an objective |
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Term
| Marketing management process |
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Definition
| - the process of (1) planning marketing activities, (2) directing the implementation of the plans and (3) controlling these plans |
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Term
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Definition
| specifies a target market and a related marketing mix |
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Term
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Definition
| - a written statement of a marketing strategy and the time-related details for carrying out the strategy |
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Definition
| the marketing mix is distinct from and better than what is available from a competitor |
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Term
| Product-market growth matrix |
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Definition
| A marketing tool that outlines the different strategies a company can use in order to increase market share or introduce a new product. The strategy that a company uses depends on whether or not a company or product is already present in a market. The four main strategies are market penetration, product development, market development and diversification |
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Term
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Definition
| trying to increase sales of a firm's present products in its present markets |
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Term
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Definition
| trying to increase sales by selling present products in new markets |
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