The key term in the American Marketing Association’s definition of marketing is:
a. Activity
b. Sales
c. Products
d. Value
Answer: d
Explanation:
The American Marketing Association’s key term in their definition of marketing is “Value.” This term is defined as “the totality of benefits received by the customer from owning and using the product or service.” In other words, it’s the customer’s perception of what they’re getting out of the product or service.
It’s important to remember that customers will often base their decision on whether or not to buy a product or service on this perceived value. Therefore, it’s crucial for businesses to create a marketing mix (product, price, place, and promotion) that will communicate the value of their offering to potential customers.