MKT-315 Midterm Chapters 1 - 4

MKT-315 Midterm Chapters 1 - 4 Chapter 1 Marketing: 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 Marketing Concept: the business orientation model that involves creating value and satisfying consumer needs Marketing Mix: consists of four elements: product, place, price, and promotion, also called the 4 Ps Marketing Plan: a tool used to set up various elements of a company's marketing strategies and develops an accompanying tactical plan Marketing Strategy: describes what the business wants to achieve in its marketing efforts SWOT Analysis a tool an organization uses to analyze its strengths, weaknesses, opportunities, and threats What is the process that determines what is needed, how to collect it, analyze it, and use it for effective market planning? b. marketing i