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Chapter 1

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Ryerson University
MKT 100
Joanne Mc Neish

Chapter One: Overview of Marketing September 5, 2012 Key Terms B2B (Business-to-Business): The process of selling merchandise or services from one business to another. B2C (Business-to-Consumer): The process in which businesses sell to consumers. C2C (Consumer-to-Consumer): The process in which consumers sell to other companies. Customer Relationship Management: A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most-valued customers. Exchange: The trade of things of value between the buyer and the seller so that each is better off as a result. Goods: Items that can be physically touched. Ideas: Include thoughts, opinions, philosophies, and intellectual concepts. Market: Refers to the groups of people who need or want a company’s products or services and have the ability to buy them. Marketing: A set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships. Marketing Mix: Product, Price, Place, and Promotion – the controllable set of activities that a firm uses to respond to the wants of its target markets. Marketing Plan: A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the 4 Ps, action programs, and projected or pro forma income (and other financial) statements. Need: A person’s feeling physiologically deprived of basic necessities, such as food, clothing, shelter, and safety. Price: The overall sacrifice a consumer is willing to make – money, time, energy – to acquire a specific product or service. Relational Orientation: A method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship. Services: Intangible customer benefits that are produced by people or machines and cannot be separated from the producer. Social Media: The use of internet tools to easily and quickly create and share content to foster dialogue, social relationships, and personal identities. Supply Chain: The group of firms and set of techniques and approaches firms use to make and deliver a given set of goods and services. Target Market: The customer segment or group to whom the firm is interested in selling its products and services. Transactional Orientation: Regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance. Value: Reflects the relationship of benefits to costs, or what the consumer gets for what they give. Value-Based Marketing: Focuses on providing customers with benefits that far exceed the cost (money, time, effort) of acquiring and using a product or service while providing a reasonable return to the firm. Want: The particular way in which a person chooses to satisfy a need, which is shaped by a person’s knowledge, culture, and personality. What is Marketing? Marketing Is About Satisfying Customer Needs and Wants  To understand customer needs and wants, the company must first identify the customers or market for its product or service.  It is not practical to market products or services to everyone thus, marketers divide the market into subgroups (e.g. makers of Crest make specialized toothpastes; kids, sensitive teeth, etc. Marketing Entails Value Exchange  The trade of things of value between buyer and seller so each is better off as a result.  Sellers provide goods/services, then co
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