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Chapter 5

Management (MGT)
Course Code
Chris Bovaird

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Chapter 5
Marketing planning and executing the development, pricing, promotion, and distribution
of ideas, goods, and services to create exchanges that satisfy both buyers’ and sellers
Marketing concept the idea that the whole firm is directed toward serving present and
potential customers at a profit
Value relative comparison of a products benefits versus its costs
Utility ability of a product to satisfy a human want or need
Consumer goods products purchased by individuals for their personal use
Industrial goods products purchased by companies to use directly or indirectly to produce
other products
Services intangible products, such as time, expertise, or an activity that can be purchased
Relationship marketing a type of marketing that emphasizes lasting relationships with
customers and suppliers
External environment outside factors that influence marketing programs by posing
opportunities or threats
Substitute product a product that is dissimilar from those of competitors but that can
fulfill the same need
Brand competition competitive marketing that appeals to consumer perceptions of similar
International competition competitive marketing of domestic against foreign products
Marketing managers managers responsible for planning and implementing all the
marketing-mix activities that result in the transfer of goods or services to customers
Marketing plan a detailed strategy for gearing the marketing mix to meet consumer needs
and wants
Marketing mix the combination of product, price, place, and promotion strategies used in
marketing a product
Product a good, service, or idea that satisfies buyers needs and demands
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