Friday, February 15, 2008

Class Assignment - Marketing Terms

MA = my answer

Define Marketing - Process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives

MA - Did not know

What is Utility - Want-satisfying power of a good for service.

MA - Did not know

Describe the exchange process - Activity in which two or more parties give something of value to each other to satisfy percieved needs.

MA - Buyer and Seller. When a seller has a product or item that a buyer needs.

What is the sales era - Prior to 1950's. Creative advertising and selling will overcome consumers resistance and convince them to buy.

MA - Sales era was after world war II when products were in demand. Companies began to compete with each other for customers.

What is the marketing era - Since 1950's. The consumer rules. Find a need and fill it.

MA - 1960's

What is the relationship era - Since 1990's. Long term relationships with customers and other partners lead to success.

MA -1980's when companies produced products that had name recognition among their customers.

What is a sellers market - Market in which there are more buyers for few goods and services.

MA - a sellers market is when there is less product on the market and more buyers.

What is a buyers market - Market in which there are more goods and services than people willing to buy them.

MA - A buyers market is when there is more inventory on the market than there are people.

1 comment:

L Wilder said...

I need to brush up on my terms.