Chapter 10 Lesson 1: Marketing Basics

Front

A specific group of consumers that an organization selects as the focus of its marketing plan.

Back

target market

Front

Tangible goods, such as a baseball, or a cellphone.

Back

product

Front

An organizational function and 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.

Back

marketing

Front

Potential customers with shared needs who have the desire and ability to buy a product.

Back

market

Front

Things that people desire based on personality, experiences, or information about a product.

Back

wants

Front

Basic necessities such as food, clothing, shelter.

Back

needs

Front

Intangible goods, such as a movie ticket or an insurance company.

Back

services

Front

A combination of four basic marketing strategies: product, place, price, promotion.

Back

marketing mix

Front

A company's plan that identifies how it will use marketing to achieve its goals.

Back

Marketing strategy

Front

A specific group of consumers who have similar wants and needs.

Back

Target market