Marketing - ANS Organizational function and set of processes for creating, communicating, and
delivering value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders.
How marketing creates utility - ANS Marketing creates the "want satisfying power" of goods and
services by researching what will provide form utility, time, place, or ownership utility.
Eras of marketing - ANS Marketing has evolved from the production era, to the sales era,
followed by the marketing era, and the current stage, the relationship era.
Emergence of the marketing concept - ANS Company wide customer orientation with the
objective of achieving long-run success. The basic idea of the marketing concept is that
marketplace success begins with the customer. A firm should analyze each customer's needs
and then work backward to offer products that fulfill them.
Not-for-profit marketing - ANS Both public and private not-for-profit organizations employ
marketing strategies to reach audiences, secure funding, improve their images, and accomplish
their overall missions.
Nontraditional marketing - ANS Person, place, event, cause, and organization marketing are
examples of marketing efforts that go beyond traditional product-oriented appeals.They are
used primarily by the not-for-profit sector, but also have gained increased use in private
businesses.
Marketing strategy - ANS A two-step process that begins with the study and analysis of potential
target markets. The second step is the creation of a marketing mix to satisfy the chosen market.
Market - ANS People with needs and wants, purchasing power, and the willingness and
authority to buy.Markets are usually classified as consumer (B2C) or business (B2B) markets.
Selecting a target market - ANS The target market is the group of potential customers towards
whom an organization directs its marketing efforts.
Marketing mix - ANS Blending of the four elements of marketing strategy: product, distribution,
promotion, and pricing. The proper marketing mix aims to satisfy chosen customer segments.
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