Chapter 1 - CLEP - Principles of Marketing - Term...

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Term: Chapter 1 - Marketing Definition: Is the process of Planning and Executing the development, pricing, promotion, and distribution of goods and services to achieve organizational goals. Term: Marketing Concept Definition: Is a Customer-Oriented business philosophy that stresses customer satisfaction as the key to achieving organizational goals. This philosophy maintains that all of the organization's efforts should be focused on identifying and satisfying the wants and needs of the customer. Term: What are the Marketing Functions? Definition: There are Six Primary Functions (PPPPEC): 1. Environmental Analysis (Market Research Function) 2. Consumer Analysis (Market Research Function) 3. Product Planning 4. Price Planning 5. Promotion Planning 6. Physical Distribution (Place) Planning
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Term: The Marketing Mix Definition: Is the combination of 4 variables that comprise an organization's Marketing Program (PPPP): Product, Price, Promotion, and Physical Distribution. Term: Market Segmentation Definition: Is the process of dividing the total market into distinct submarkets or groups based on similarities in their wants, needs, behaviors, or other characteristics. Term: Product Positioning Definition: Refers to the decisions involved in shaping the product's image in the customer's mind. These images are defined relative to competing products. Consume Perceptions (not actual differences between products).
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