Ch. 1 Overview Of Marketing Flashcards
Marketing plan
Specifies marketing activities for specific time
How the product or service will be conceived or designed
How much it should cost
Where and how it will be promoted
How it will get to the consumer
Marketing
“Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”
Exchange
Trade of things of value between buyer and seller so each is better off as a result
Marketing mix (4P’s)
Product > Creating value
Price > Capturing value
Place > Delivering the value proposition
Promotion > Communicating the value proposition
The controllable decisions/activities that the firm uses to respond to the wants of its target markets
Goods
Items you can physically touch
Services
Intangible customer benefits that are produced by people or machines and can’t be separated from producer
Ideas
Concepts, opinions, and philosophies; intellectual concepts like these can be marketed
B2C marketing (business to consumer)
Businesses sell to consumers
B2B marketing (business to business)
Selling merchandise or services from one business to another
C2C marketing
Consumers sell to other consumers
Value
Reflects relationship of benefits to costs, or what you get for what you give
Value cocreation
Creative way to provide value to customers > customers can act as collaborators to create the product or service
Relational orientation
Think about customers in terms of relationships rather than transactions
Customer relationship management (CRM)
Business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among firms most valued customers
Supply chain (or marketing channel)
Group of firms that make and deliver given set of goods and services
