1 Marketing Foundations and Strategy Free Online FlashCards

What is marketing?

Marketing is the coordinated work of understanding needs and creating, communicating, delivering, and exchanging offerings that provide value.

When does a want become demand?

Demand is a want supported by both willingness and ability to pay.

What qualifies a group of people or organizations as a market?

A market consists of people or organizations with a need or want, the willingness and ability to exchange, and access to an offering.

What is an exchange in marketing?

An exchange occurs when parties give and receive something of value.

What forms can a marketing offering take?

An offering can be a good, service, experience, idea, or a combination of these.

How is customer value assessed?

Customer value is the customer’s assessment of an offering’s benefits in relation to its costs. Benefits and costs can take functional, emotional, social, monetary, or nonmonetary forms.

Which decisions make up the marketing mix?

The marketing mix is the coordinated set of decisions about the offering, its price, its promotion, and how it reaches customers.

What belongs to an organization’s internal environment?

The internal environment includes an organization’s resources, employees, leadership, culture, capabilities, and goals.

What kinds of actors make up the microenvironment?

The microenvironment includes nearby actors that directly affect the organization’s ability to serve customers, such as customers, competitors, suppliers, intermediaries, and partners.

What does PESTLE help marketers scan?

The macroenvironment consists of broader forces that influence markets and organizations. PESTLE groups them as political, economic, social, technological, legal, and environmental factors.

What is the purpose of marketing research?

Marketing research connects customers, the public, and marketers through information to define opportunities or problems, evaluate actions, monitor performance, and improve market understanding.

How do primary and secondary data differ?

Secondary data was already collected for another purpose; primary data is gathered to address the current research question.