1 Flashcards
is defined as exchange activities conducted by individuals or organizations for the purpose of satisfying human wants with the view of accomplishing individual or organizational objectives.
Marketing
It refers to the trade of things or service of value between the buyer and the seller.
Exchange
These are the things or services required by a human being for the health and well-being of his body and mind.
Human Needs
It refers to the needs shaped by culture and individual preferences.
Human Want
This is the desired result of an activity.
Objective
What are the Marketing Concepts Versus Other Concepts?
- Product Concept
- Selling Concept
- Marketing Concepts
The company attempts to find interested buyers after producing the product
Product Concept
The firm produces the product then adapts a selling strategy designed to convince a group of perceived customers.
Selling Concepts
The firm defines its target market and determine the needs, wants, and values of the market. The firm then adapts a strategy to satisfy those needs and wants more effectively and efficiently than its competitors.
Marketing Concept
Is a plan of action designed to achieve the marketing goal
Marketing Strategy
is the set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, place, and people
Marketing Mix
The tangible commodity or the intangible service that the business firm offers for sale to prospective customers.
Product
The amount of money paid by the customer to the selling firm so the customer can use the product.
Price
The provision of required information to
prospective customers so that they are persuaded to buy.
Promotion
The location and time required by buyers to make the company’s products available.
Place
Part of the external environment of the firm consisting the variables confronting the firm
Marketing Environment
5 Marketing Environment Variables
- Social Forces
- Economic Forces
- Technological Forces
- Competitive Forces
- Regulatory Forces
It includes the following: (1) the characteristics of the people; (2) its income; and (3) its values.
Social Forces
Forces in the economy that affect marketing such as inflation and recession.
Economic Forces
Developments in existing technology that affect consumer choices.
Technological Forces
The effect of the firm’s competitors to the firm’s strategy formation.
Competitive Forces
Government institutions are entities that constrain, direct, and influence decisions that the business.
Regulatory Forces
4 Basic Forms of Competition
- Pure Competition
- Monopolistic
- Monopoly
- Oligopoly
Market situation where there are many competitors offering for sale identical products or services. Price of the product is determined by the market and not by any individual buyer or seller.
Pure Competition
Market situation where many sellers exist (but less than those in pure competition) in a particular market competing with each other. Manufacturers often promote certain features of their products, then charge higher prices.
Monopolistic
Market situation where there is only a single seller in a particular market.
The government regulates the prices of some monopolies like public utility companies (e.g., electricity and water).
Monopoly
Market situation where a few firms compete in a given industry. The products sold are homogeneous or identical (e.g., gasoline steel and automobiles).Prices are set by the oligopolist in collusion with one
another.
Oligopoly
Product Life Cycle
- Beginning
- Growth
- Maturity
- Declining or Dead Stage
Produce products for the benefits of the community
Societal Marketing Concept
