Principles of Marketing, Chapter 1
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| 4 Ps (The Marketing Mix) | product, promotion, place/distribution, price | |
| The Marketing Concept | a philosophy that an organization should try to provide products that satisfy customers' needs while also achieving business goals | |
| Marketing | consists of individual and organizational activities that facilitate and expedite satisfying exchange relationships in a dynamic environment through the creation, distribution, promotion, and pricing of goods, services, and ideas | (revised) |
| Exchange | transfer of goods, services, and ideas in return for something of value | |
| 4 Conditions of an Exchange (Exchange Relationship Theory) | 1. 2+ parties; 2. something of value; 3. willing to give up product; 4. able to communicate | |
| Market | a group of potential buyers with common needs | |
| 4 Types of Markets | consumer, industrial, reseller, institutional | |
| Products | goods, services, and ideas that are marketed | |
| Goods | tangible products grown, produced or manufactured | |
| Services | time, expertise, or activities purchased from an individual or firm (intangible) | |
| Ideas | philosophies, concepts, and points-of-view | |
| Promotion | communication about an organization or its products | |
| 4 Types of Promotion | advertising, personal selling, publicity, sales promotions | |
| Distribution Chain | producer to wholesaler to retailer to consumer | |
| Price | determination of value of a product |
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