Marketing

Marketing 331: Study Guide for Chs. 1-4
Fall 2003

Chapter 1

1. Marketing: a social & managerial process whereby individuals & groups obtain that they want through creating and exchanging products and value w/others
2. Advertising: makes you aware of a product or service; persuades you to buy things that are important to you
3. Relationship: on-going set of transactions
4. Needs: a state of felt deprivation
5. Wants: form taken by a human need as shaped by culture and individual personality
6. Demands: human wants that are backed by buying power
7. Marketing offer: some combination of products, services, info, or experiences offered to a market to satisfy a need or want
8. Exchange: the act of obtaining a desired object from someone by offering them something in return
9. Transaction: a trade of values between 2 parties
10. Market: the set of all actual & potential buyers of a product or service
11. Marketing management: the a...