ch 1 Flashcards
What is Marketing?
is a process involving people, a sequence of steps or activity, and outcomes (your end-goal).
What does marketing involve?
involves exchange, a basic business function that takes place when a person or company satisfies a need by exchanging money for products or services.
What is an example of exchange in marketing?
Your money is exchanged for groceries, clothing, dining out, movies, health care, hotel stays, etc.
What is the role of marketing?
is to trigger the exchange.
What is the importance of relationships in marketing?
Marketing involves the strength of relationships: customers that prefer you and your offering vs. competing offers.
What are the responsibilities of marketing?
Marketing is responsible for ensuring that a firm understands its customers, finding the best ways to reach customers, encouraging customers to purchase, and turning customers into brand loyalists.
What is the Selling Concept?
The Selling Concept focuses on selling current products and services to customers, starting with the company and focusing on existing products for short-term profit.
What is an example of the Selling Concept?
Discounts to reduce unwanted inventory; convincing customers to buy a product, even if it is not a necessity.
Example: Free dinner for two at Mike’s Place – you’re obligated to listen to a sales pitch for estate planning.
What is the Marketing Concept?
The Marketing Concept is a management orientation that focuses on identifying and satisfying consumer needs to ensure long-term profitability.
What is an example of the Marketing Concept?
Give customers the option to purchase online or in the store; a fitness center allows you to use their facilities for three days (free) before signing a contract.
Example: Fitness center allows you to use their facilities for three days (free) before signing a contract.
What is Marketing Management?
Marketing Management is the process of setting marketing goals, planning and executing activities to meet these goals, and measuring progress toward their achievement.
What is the Marketing Mix?
The Marketing Mix consists of the building blocks that a marketer can adjust to affect the overall marketing strategy of a product.
What are the 4Ps of Marketing?
The 4Ps of Marketing are Product, Place, Price, and Promotion.
What does ‘Product’ refer to in the 4Ps?
Product refers to the good, service, or idea to satisfy a customer’s needs.
Example: product quality; packaging; other product attributes.
What does ‘Place’ refer to in the 4Ps?
Place refers to the means of getting the good, service, or idea to the customer, including distribution.
Example: physical storefront; website; kiosk.
What does ‘Price’ refer to in the 4Ps?
Price refers to the amount charged for the good, service, or idea.
Example: prestige pricing; volume discount; bundle pricing.
What does ‘Promotion’ refer to in the 4Ps?
Promotion refers to the means of communicating with the customer to inform and persuade them of the product value.
Example: advertising (social media); public relations; sponsorships.
What are the 7Ps of Marketing?
The 7Ps of Marketing include Process, People, and Physical Evidence in addition to the original 4Ps.
What does ‘Process’ refer to in the 7Ps?
Process refers to the flow of activities involved in providing goods, services, and ideas to the customer.
What does ‘People’ refer to in the 7Ps?
People encompass the human actors who provide goods, services, and ideas to the customers.
What does ‘Physical Evidence’ refer to in the 7Ps?
Physical Evidence includes the tangible elements in the place that the good or service is sold.
