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BUS 343 (122)
Jason Ho (70)
Chapter 1

BUS 343 Chapter 1 Flashcards

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Business Administration
BUS 343
Jason Ho

The benefits a customer receives from buying and using a Customer value good or service in relation to the costs and sacrifices of buying and using it The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that Marketing have value for customers, clients, partners, and society at large The group(s) of consumers or customers on which an Target market organization focuses its marketing plan and toward which it directs its marketing efforts People or organizations who influence or are influenced by Stakeholder marketing decisions The process by which some transfer of value occurs Exchange between a buyer and a seller Consumer The ultimate user of a good or service A business orientation that focuses on achieving Marketing concept organizational objectives by understanding customer needs, and creating and delivering value in exchanges that satisfy the needs of all parties The recognition of any difference between a consumer's Need actual state and desired state The desire to satisfy needs in a specific way that is Want culturally and socially influenced The outcome sought by a customer that motivates buying Benefit behavior (that satisfies a need or want) Demand Customers' desire for products coupled with the resources to obtain them All the customers and potential customers who share a common need that can be satisfied by a specific product, Market who have the resources to exchange for it, who are willing to exchange for it, and who have the authority to make the exchange Marketplace Any location or medium used to conduct an exchange How much profit a company expects to make from a particular customer, adding the contribution of every Lifetime value of a customer purchase they will make from now and in the future, and subtracting the cost of maintaining this relationship Product Any good, service, or idea that can be marketed The tangible products that individual consumers purchase Consumer goods for personal or family use Intangible products that are exchanged directly between Services the producer and the customer The music, movies, sports, books, celebrities, and other Popular culture forms of entertainment consumed by the mass market The marketing of those goods and services that business Business-to-business marketing and organization customers need to produce other goods and services, for resale, or to support their operations Goods individuals or organizations buy for further Industrial goods processing or for their own use The buying or selling of goods and services over the e-commerce internet Understand the opportunity, specify the value, marketing The marketing decision process (4) mix: create the value, Implementation and evaluation: realize the value A distinct group of customers within a larger market who Market segment have similar needs, wants, preferences, and behaviors, who seek similar product solutions, and whose needs differ from other customers in the larger market A process of dividing the overall market into groups of Market segmentation
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