TERM 1
Marketing
DEFINITION 1
-Organizational function-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.
TERM 2
Value
DEFINITION 2
A customer perception that a product has a better
relationship than its competitors between the cost and the
benefits.
TERM 3
Utility
DEFINITION 3
The ability of goods and services to satisfy consumer wants
TERM 4
Production Era (Early
1900's)
DEFINITION 4
-Marketing did not begin with the customer-Top priority was
to produce the most amount of product as efficiently as
possible
TERM 5
Selling Era (1920's-
1930's)
DEFINITION 5
-Supply exceeded demand "the hard sell"-
