ADM 2320 Study Guide - Comprehensive Midterm Guide: Customer Relationship Management, Marketing, Customer Service

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Marketing: a set of (cid:271)usi(cid:374)ess p(cid:396)a(cid:272)ti(cid:272)es desig(cid:374)ed to pla(cid:374) fo(cid:396) a(cid:374)d p(cid:396)ese(cid:374)t a(cid:374) o(cid:396)ga(cid:374)izatio(cid:374)"s p(cid:396)odu(cid:272)ts o(cid:396) se(cid:396)(cid:448)i(cid:272)es in ways that build effective customer relationships. Marketing is about satisfying customer needs and wants. Need: a person feeling physiological deprived of basic necessities, such as food, clothing, shelter and safety. Want: the particular way, in which a person chooses to satisfy a need, (cid:449)hi(cid:272)h is shaped (cid:271)(cid:455) a pe(cid:396)so(cid:374)"s knowledge, culture and personality. Market: (cid:396)efe(cid:396)s to the g(cid:396)oups of people (cid:449)ho (cid:374)eed o(cid:396) (cid:449)a(cid:374)t a (cid:272)o(cid:373)pa(cid:374)(cid:455)"s p(cid:396)odu(cid:272)ts o(cid:396) se(cid:396)(cid:448)i(cid:272)es a(cid:374)d ha(cid:448)e the ability and willingness to buy them. Target market: the customer segment or group to whom the firm is interested in selling its products or services. Exchange: the trade of things of value between the buyer and the seller so that each is better off as a result. Marketing requires product, price, place, and promotion decisions.