Ch. 1 Intro to Marketing Flashcards
Marketing
the activities that develop an offering in order to satisfy a customer need
Needs
a state of being where we desire something that we do not possess but yearn to acquire
The Production Era
a focus on manufacturing and production quantity in which customers are meant to choose based on what is most abundantly available
The Sales Era
hard selling to the customer, who has greater choice thanks to more competition in the marketplace
The Marketing Company Era
a strong emphasis on the marketing concept and development of a more comprehensive approach to understanding the customer
The Societal Marketing Era
looking not only at the customer but expanding marketing efforts to include aspects from the external environment that go beyond a company’s customers, suppliers, and competitors
Customer Satisfaction
customers’ evaluation of a good or service in terms of whether it has met their needs and expectations
Relationship Marketing
a strategy that focuses on keeping and improving relationships with current customers
Exchange
people giving up one thing to receive another thing they would rather have
Customer Value
the relationship between benefits and the sacrifice necessary to obtain those benefits
Marketing Mix
The marketing mix—also known as the 4Ps of marketing—refers to product, price, place, and promotion. Each of the 4Ps must be studied and developed to create a proper strategy to go after a market segment:
Product
relates to the tangible and intangible aspects of a company’s offering. A product could be a can of soup or a virtuoso ballet performance; both companies will need to look at what needs are being satisfied and how to best package all the aspects of the offering so that the consumer will be satisfied.
Price
relates to the quantifying of a value in exchange for a company’s offering. Competition is a significant issue here, as are customer perception and economic factors. Setting the right price is all about taking those factors into consideration and making the best decision that satisfies the bottom line and the customer.
Place
relates to much of the behind-the-scenes activities of making an offering available to the customer. This is the world of channels and logistics, where decisions made on how to get a company’s product to market could be more important than the product itself.
Promotion
relates to what most people believe marketing to be about. These are the most visible activities of marketing, the ones that get into the news and the faces of customers. Trying to find the right balance of what techniques to use (including advertising) is a constant challenge, as is keeping a consistent feel and look.
