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MKT 340 FINAL

Terms in this set (4)

Marketing Concept

knowing the needs and wanted of target markets and

delivering desired satisfaction better than competitors

Key components of marketing

-Understand the marketplace, consumer wants and needs
-Design market strategy
-Construct a marketing program that delivers superior value
-Build profitable relationships and create customer delight
-Capture value from customers to create profits and customer quality

Production concept

consumers will favor products that are available
and highly affordable, so focus on improvements and efficiency

Product concept

consumers will favor products that offer the most
quality, performance, and features, so focus on continuous improvements

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