Ch 1 Strategic Marketing Flashcards
What is the importance of customers
Customers are the focal point of all marketing activities
Define marketing
Process of creating, distributing, promoting, pricing goods, services and ideas to facilitate satisfying exchange relationships with customers to develop and maintain favorable relationships with stakeholders in a dynamic environment
Defined target market
A specific group of customers on whom an organization focuses its marketing efforts
What are the components of strategic marketing
Customer, product, distribution, promotion, price, economic forces, political forces legal and regulatory forces, technology forces, sociocultural forces competitive horses.
DeFine marketing
Four marketing activities – product, pricing, distribution, and promotion – that a firm can control to meet the needs of customers within its target market
What is a primary goal of a marketing manager
To create and maintain the right mix of marketing elements to satisfy customers needs of a general product type
What is the product variable of the marketing mix
It deals with researching customers needs and wants and designs a product that satisfies them
Define product
A good, a service, or an idea
Describe a good
A physical entity you can touch
Define a service
The application of human and mechanical efforts to people or objects to provide intangible benefits to customers
Defined ideas
Include concepts, philosophies, images, and issues
Describe the distribution variable
To satisfy customers, products must be available at the right time and in convenient locations. A marketing manager makes products available in the quantities desired to as many target market customers as possible
Describe the promotion variable
Relates to activities used to inform individuals or groups about the organization and its products
Describe the price variable
Relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices
What variable is a critical component of the marketing mix? Why?
The price variable, because customers are concerned about the value obtained an exchange