BUS 348 Chapter Notes - Chapter 1: Mobile Marketing, Folksonomy, Corporate Social Responsibility
30 May 2018
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BUS 348
Chapter 1
1.1 - Marketing: What Is It?
• consumer - the ultimate user of a good or service
• 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.
o marketing is all about delivering value to everyone whom a transaction affects.
• CMO - chief marketing officer
• marketing mix - a combination of the product itself, the price of the product, the promotional
activities that introduce it, and the place where it is made available, that together create a desired
response among a set of predefined customers
• Four P's - product, price, promotion, and place
• product - a tangible good, service, idea, or some combination of these that satisfies consumer or
business customer needs through the exchange process; a bundle of attributes including features,
functions, benefits, and uses
• promotion - the coordination of a marketer's communication efforts to influence attitudes or
behavior
• place - the availability of the product to the customer at the desired time and location
• channel of distribution - the series of firms or individuals that facilitates the movement of a
product from the producer to the final customer
• price - the assignment of value, or the amount the consumer must exchange to receive the
offering
• exchange - the process by which some transfer of value occurs between a buyer and a seller
• consumer goods - the goods individual consumers purchase for personal or family use
• services - intangible products that are exchanged directly between the producer and the customer
• business-to-business marketing - the marketing of goods and services from one organization to
another
• industrial goods - goods that individuals or organizations buy for further processing or for their
own use when they do business
• e-commerce - the buying or selling of goods and services electronically, usually over the Internet
• not-for-profit organization (or nongovernmental organizations [NGOs]) - organizations with
charitable, educational, community, and other public service goals that buy goods and services to
support their functions and to attract and serve their members
• marketing concept - a management orientation that focuses on identifying and satisfying
consumer needs to ensure that organization's long-term profitability
• need - the recognition of any difference between a consumer's actual state and some ideal or
desired state
• 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
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