Marketing
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” – AMA Association
Value: The benefits a customer receives from buying a good or service.
Marketing: An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Stakeholders: Buyers, sellers, or investors in a company, community residents, and even citizens of the nations where goods and services are made or sold—in other words, any person or organization that has a “stake” in the outcome.
Consumer: The ultimate user of a good or service.
Marketing concept: A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability.
Need: The recognition of any difference between a consumer’s actual state and some ideal or desired state. (Can be physical or psychological)
Want: The desire to satisfy needs in specific ways that are culturally and socially influenced.
Benefit: The outcome sought by a customer that motivates buying behavior—that satisfies a need or want.
Demand: Customers’ desires for products coupled with the resources needed to obtain them.
Market: All the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange.
Marketplace: Any location or medium used to conduct an exchange.
Virtual Goods: Digital products consumers buy for use in online contexts.
Utility: The usefulness or benefit consumers receive from a product.
• Form utility: the benefit marketing provides by transforming raw materials into finished products
A dress manufacturer combines silk,
Value: The benefits a customer receives from buying a good or service.
Marketing: An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Stakeholders: Buyers, sellers, or investors in a company, community residents, and even citizens of the nations where goods and services are made or sold—in other words, any person or organization that has a “stake” in the outcome.
Consumer: The ultimate user of a good or service.
Marketing concept: A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability.
Need: The recognition of any difference between a consumer’s actual state and some ideal or desired state. (Can be physical or psychological)
Want: The desire to satisfy needs in specific ways that are culturally and socially influenced.
Benefit: The outcome sought by a customer that motivates buying behavior—that satisfies a need or want.
Demand: Customers’ desires for products coupled with the resources needed to obtain them.
Market: All the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange.
Marketplace: Any location or medium used to conduct an exchange.
Virtual Goods: Digital products consumers buy for use in online contexts.
Utility: The usefulness or benefit consumers receive from a product.
• Form utility: the benefit marketing provides by transforming raw materials into finished products
A dress manufacturer combines silk,