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Marketing terms for test 2

Marketing terms for test 2 - Marketing terms for test 2...

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Marketing terms for test 2 - Marketing: o A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas. - Exchange: o The act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas) - Marketing Concept: o The idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals. - Marketing Orientation: o An approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers. - Marketing Strategy: o A plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers. - Market: o A group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas. - Target Market: o A specific group of consumers on whose needs and wants a company focuses its marketing efforts. - Total-Market Approach: o An approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs. - Market Segmentation: o A strategy whereby a firm divides the total market into groups of people who have relatively similar product needs. - Market Segment:
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o A collection of individuals, groups, or organizations that share one or more characteristics and thus have relatively similar product needs and desires. - Concentration Approach: o market segmentation approach whereby a company develops one marketing strategy for a single market segment. - Multi-segment Approach: o A market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each.
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