Principles of Marketing, 4th Canadian Edition

Understanding the needs of the customer

state of being where we desire something that we do not possess but yearn to acquire

[blank_start]____________[blank_end] focus on a manufacturing and production quantity in which customers are meant to choose based on what is most abundantly

[blank_start]_____________[blank_end]hard selling to the customer, who has greater choice thanks to more competition in the marketplace

[blank_start]__________[blank_end] a strong emphasis on the marketing concept and development of a more comprehensive approach to understanding the customer

[blank_start]_____________[blank_end]looking not only at the customer but expanding marketing efforts to include aspects from the external environment that go beyond a firm's customers, suppliers, and competitors.

buyer's evaluation of a good or service in terms of whether it has met their needs and expectations

a strategy that focuses on keeping and improving relationships with current customers

relates to the tangible and intangible aspects of a company's offering

refers to the quantifying of a value in exchange for a company's offering.

relates to much of the behind-the-scenes activities of marking of an offering available to the customer. This is the world of channels and logistics, where decisions made on how to get a company's product to market could be more important than the product itself.

relates to what most people believe marketing to be about.these are the most visible activities of marketing, the ones that get into the news and the faces of customers

people giving up one thing to receive another thing they would rather have

the relationship between benefits and the sacrifice necessary to obtain those benefits

what are the five forces of competition

[blank_start]_____[blank_end] a comparison of income vs. the relative cost of a set standard of goods and services in different geographic areas.-

[blank_start]______[blank_end]the amount of money people have to spend on nonessential items

[blank_start]____________[blank_end] a period of economic activity characterized by negative growth, which reduces demand for goods and services

a business's concern for society's welfare

a business philosophy seen as the pursuit of profit while also benefiting society and the environment

the concept of exponentially rapid growth starting with human desire for improved products, spurring, competitive pursuit of market share, diving innovation and technology, resulting in higher standard of living, but with new socio-environmental problems