College Marketing – Mrs. Crusco Marketing Concepts and

College Marketing – Mrs. Crusco
Student Name:____________________________
Key Concepts for note taking chapter 1:
Target market
Marketing mix
Marketing environment
Marketing concept
Marketing orientation
Relationship marketing
Customer relationship management (CRM)
Marketing management
SWOT Analysis
Marketing Concepts and Vocabulary to understand
accounting and finance -the business function that plans and manages financial resources and maintains records and
information related to a business's finances
bartering - exchanging products or services with others by agreeing on their values without using money
central market -a location where people bring products to be conveniently exchanged
distribution - the process, locations and methods used to make the product available to customers
management - involves developing, implementing, and evaluating the plans and activities of a business
market - the prospective customers a business wants to serve and the location of those customers
marketing - the process of developing, promoting, and distributing goods and services in order to satisfy customers’
needs and wants in ways that benefit the organization and its stakeholders.
marketing concept -using the needs of customers as the primary focus during the planning, production, pricing,
distribution, and promotion of a product or service
marketing mix - blending of the four marketing elements (product, distribution, price, and promotion) by the business
merchandising - offering products produced or manufactured by others for sale to customers
money system - the use of currency as a recognized medium of exchange
operations -the ongoing activities designed to support the primary function of a business and keep it operating
price -the actual amount customers pay and the methods of increasing the value of the product to the customers
product - anything offered to a market by the business to satisfy needs, including physical products, services, and ideas
production -the business function that creates or obtains products or services for sale
relationship marketing - focuses on developing loyal customers who continue to purchase from the business for a long
period of time
self-sufficient - not relying on others for the things you need to survive
specialization of labor - concentrating effort on one thing or a few related activities so that they can be done well