MKT 220 Lecture 4: Test 1 Review
Document Summary
*marketing management - planning, organizing, implementation, & control ch3 - marketing environment. *stages of the business cycle (p, r, d, r) (characteristics of each) & implications for marketers. *major federal regulatory agencies ch6 - target market segmentation. *attributes necessary to be considered part of a market (need, ability, willingness, authority) *factors to consider for evaluating which segments to pursue. Marketing- process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate exchange relationships with customers in a dynamic environment. Results in a deepening of buyer"s reliance on the seller- confidence and understanding grows. Marketing orientation- marketers attempt to determine and understand the needs and preferences of target market and develop products that fulfill those needs. Target market- specific group of customer that the organization focuses on. Not an example of a product- an advertisement. Focal point of all marketing activities should be the customers.
