Marketing Constructs For Review Course1. Marketing is defined as all activities directed towards a targetcustomer and making a transaction intended to satisfy human and/or organizational wants and needs with a product or service.2. A market is defined as all customers who have a common need or want for a product or service and have the money to pay for them.3. The Marketing Concept is defined as a philosophy which guides a firm to offer products and services that are driven bythe consumer.4. Marketing segmentation is defined as a group of customers that have similar characteristics and seek similar satisfaction from a category of products.5. The Marketing Mix includes: Product, Price, Promotion & Place.6. A product is a good or service that is offered for sale that satisfies consumer want or need.7. The levels of a product are core product, actual product and augmented product.8. A good is a tangible item that is offered for sale.9. A service is an intangible item that is offered for sale.10. Price of a product or service is the value placed on it bythe consumer and offered for exchange at a profit by the producer.11. Promotion of a product or service are the direct (Personal Selling) or indirect (Advertising) activities designed to motivate a customer to buy.12. Place is the location where the product or service if offered for sale.13. Product Positioning is the place the product or service has in the mind of the consumer that differentiates it from similar or substitute products.14. The Promotion Mix includes the following major marketing activities: Personal Selling, Advertising, Public Relations, Sales Promotion, Direct Marketing and Electronic Marketing.15. A brand is the name, term, symbol, design or some combination of all three that identifies and differentiates it from other products or services.16. The consumer decision process is the process one goes through when considering purchasing a product or service and includes the following stages: need recognition, search for information, evaluation of alternatives, purchase, and postevaluation of purchase.17. The adoption process is the process that a product goes through to gain acceptance in the marketplace and includes the following stages: innovators, early adopters, early majority, late majority and laggards.18. The Product Life Cycle includes the following stages: introduction, growth, maturity, saturation and decline.19. Marketing intermediaries include are all of the events and activities that a product or service goes through from point of manufacturing to point of consumption.20. There are three distribution strategies a company can follow to offer a product for sale and include: intensive distribution, selective distribution and exclusive distribution.21. The external marketing macroenvironment includes the following uncontrollable factors: economic, demographic, technological, political/legal, culture and subcultures.22. The internal marketing microenvironment includes the following controllable factors: company, suppliers, intermediaries, customers, competitors and public.23. The new product development process includes the following stages: idea generation, idea screening, conceptdevelopment and testing, marketing strategy, business analysis, product development, test marketing and commercialization.24. Product growth strategies include: market penetration, product development, market expansion and product