MBA 706 test 1
Study online at https://quizlet.com/_aib8ym
1. Marketing *is about identifying and meeting human and social needs. One of the shortest
good definitions of marketing is "meeting needs profitably.
*is the activ- ity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, part-
ners, and society at large.
2. Marketing man- *takes place when at least one party to a potential exchange thinks about the
agement means of achieving desired responses from other parties.
*the art and science of choosing target markets and getting, keep- ing, and
growing customers through creating, delivering, and communicating superior
customer value.
3. 10 types of enti- Goods, services, events, experiences, persons, places, properties, organizations,
ties marketed? information, ideas
4. Marketer is someone who seeks a response—attention, a purchase, a vote, a dona-
tion—from another party, called the prospect.
5. 8 Demand States negative, nonexistent, latent, declining, irregular, unwholesome, full, overfull
6. market a collection of buyers and sellers who transact over a particular product or product
class
7. Key Customer -Consumer: companies selling mass consumer goods and services
Markets -business: companies selling business goods and services
-global: global marketplace
-nonprofit and governmental: companies selling to nonprofit organizations
8. Marketplace Physical
a store front
9. Marketspace
, MBA 706 test 1
Study online at https://quizlet.com/_aib8ym
Digital
shopping on the internet
10. Metamarket a cluster of complementary products and services closely related in the minds of
consumers, but spread across a diverse set of industries.
11. Needs the basic human requirements such as for air, food, water, clothing, and shelter
12. Demands are wants for specific products backed by an ability to pay
13. 5 types of needs 1. Stated needs (The customer wants an inexpensive car.)
2. Real needs (The customer wants a car whose operating cost, not initial price, is
low.)
3. Unstated needs (The customer expects good service from the dealer.)
4. Delight needs (The customer would like the dealer to include an onboard GPS
naviga-
tion system.)
5. Secret needs (The customer wants friends to see him or her as a savvy con-
sumer.)
14. value proposition a set of benefits that sat- isfy those needs.
15. Brand An offering from a known source
16. Customer value Value, a central marketing concept, is primarily a combination of quality, service,
triad and price (qsp), called the _____ ____ ____
17. satisfaction reflects a person's judgment of a product's perceived performance in relationship
to expectations
18. Communication deliver and receive messages from target buyers and include newspapers, mag-
channels azines, radio, television, mail, telephone, billboards, posters, fliers, CDs, audio-
tapes, and the Internet
Study online at https://quizlet.com/_aib8ym
1. Marketing *is about identifying and meeting human and social needs. One of the shortest
good definitions of marketing is "meeting needs profitably.
*is the activ- ity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, part-
ners, and society at large.
2. Marketing man- *takes place when at least one party to a potential exchange thinks about the
agement means of achieving desired responses from other parties.
*the art and science of choosing target markets and getting, keep- ing, and
growing customers through creating, delivering, and communicating superior
customer value.
3. 10 types of enti- Goods, services, events, experiences, persons, places, properties, organizations,
ties marketed? information, ideas
4. Marketer is someone who seeks a response—attention, a purchase, a vote, a dona-
tion—from another party, called the prospect.
5. 8 Demand States negative, nonexistent, latent, declining, irregular, unwholesome, full, overfull
6. market a collection of buyers and sellers who transact over a particular product or product
class
7. Key Customer -Consumer: companies selling mass consumer goods and services
Markets -business: companies selling business goods and services
-global: global marketplace
-nonprofit and governmental: companies selling to nonprofit organizations
8. Marketplace Physical
a store front
9. Marketspace
, MBA 706 test 1
Study online at https://quizlet.com/_aib8ym
Digital
shopping on the internet
10. Metamarket a cluster of complementary products and services closely related in the minds of
consumers, but spread across a diverse set of industries.
11. Needs the basic human requirements such as for air, food, water, clothing, and shelter
12. Demands are wants for specific products backed by an ability to pay
13. 5 types of needs 1. Stated needs (The customer wants an inexpensive car.)
2. Real needs (The customer wants a car whose operating cost, not initial price, is
low.)
3. Unstated needs (The customer expects good service from the dealer.)
4. Delight needs (The customer would like the dealer to include an onboard GPS
naviga-
tion system.)
5. Secret needs (The customer wants friends to see him or her as a savvy con-
sumer.)
14. value proposition a set of benefits that sat- isfy those needs.
15. Brand An offering from a known source
16. Customer value Value, a central marketing concept, is primarily a combination of quality, service,
triad and price (qsp), called the _____ ____ ____
17. satisfaction reflects a person's judgment of a product's perceived performance in relationship
to expectations
18. Communication deliver and receive messages from target buyers and include newspapers, mag-
channels azines, radio, television, mail, telephone, billboards, posters, fliers, CDs, audio-
tapes, and the Internet
