1.1 What Is Marketing? Flashcards
What is a basic definition of Marketing?
The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return.4
Marketing is engaging customers and managing profitable customer relationships.
What is the twofold goal of marketing?
The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering value and satisfaction.
What are some new marketing approaches that have come up in recent years?
In recent years, marketers have assembled a host of new marketing approaches, everything from imaginative websites and smartphone apps to blogs, online videos, and social media.
These new approaches do more than just blast out messages to the masses. They reach you directly, personally, and interactively. Today’s marketers want to become a part of your life and enrich your experiences with their brands. They want to help you live their brands.
What must be understood about marketing today in order to be sucessful?
Today, marketing must be understood not in the old sense of making a sale—“telling and selling”—but in the new sense of satisfying customer needs.
What steps of marketing will make a product sell more easily?
If the marketer engages consumers effectively, understands their needs, develops products that provide superior customer value, and prices, distributes, and promotes them well, these products will sell easily.
What are the five steps of the marketing process/
In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships.
In the final step, companies reap the rewards of creating superior customer value.
By creating value for consumers, they in turn capture value from consumers in the form of sales, profits, and long-term customer equity.
