Marketing Management Review Guide
The process of developing, pricing, promoting, and distributing goods, services, and
ideas to satisfy the needs of consumers.
Marketing seeks to: (1) discover needs and wants of prospective customers and (2) satisfy them
Trade of things of value between buyer and seller so that each is better off.
80 to 94 percent of new products don’t succeed in the long run.
occurs when a person feels physiologically deprived of basic necessities such as food,
clothing, and shelter.
a felt need that is shaped by a person’s knowledge, culture, and personality
people with the
to buy a specific product.
A specific group of potential customers toward which an organization
directs its marketing program
The marketing manager’s controllable factors – product, price, place, and
promotion – that can be taken to solve a marketing problem
Uncontrollable marketing factors such as social, economic,
technological, competitive, and regulatory forces
Buyers’ benefits including quality, price, convenience, on-time delivery, and
before- and after-sale service (has to deal with LTV of customers)
Linking the organization to its individual customers, employees,
suppliers, and other partners for their mutual long-term benefit (hard for the bigger
companies to try and do because speed is more of an issue)
plan that integrates the marketing mix to provide a good, service, or idea
to prospective buyers
idea that an organization should strive to satisfy the needs of consumers
while also trying to achieve the organization’s goals
focusing organizational efforts to collect and use information about
customers’ needs to create customer value (has led to
customer relationship management
which is the process of identifying prospective buyers, understanding them
intimately, and developing favorable long term perceptions)