CH1 Flashcards
What is the role of marketing?
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.
What is a Marketing Plan?
A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements.
What is a fundamental concept in marketing?
Marketing is about satisfying customer needs and wants.
How can the marketplace be segmented?
By identifying specific groups of people relevant to a product, such as outdoor enthusiasts, health-conscious buyers, young people, or cost-conscious consumers. Each segment requires a tailored marketing strategy.
What is the exchange in marketing?
In marketing, the exchange is when a buyer gives money and information to the seller in exchange for a product or service.
What are the four Ps in marketing?
product, price, place, and promotion. These are the decisions a company makes to meet the needs of its target market.
Who does marketing affect?
Marketing affects not only customers but also other stakeholders (wholesalers, retailers) and society
Why is marketing important over time?
Marketing is important because it drives economic growth, supports jobs, and allows companies to offer free services through ads. Over time, marketing has evolved from focusing on production and sales to understanding and meeting customer needs, creating value, and building long-term relationships with customers.
How does marketing create value?
Marketing creates value by focusing on four key activities: building relationships with customers, gathering and analyzing data, balancing benefits and costs for everyone, and using new technologies like social media.
how do firms become more value-driven?
Firms become more value-driven by understanding customer needs, using data to improve their strategies, and connecting with customers through social and mobile marketing.
What are the components of a marketing strategy and marketing plan?
A marketing strategy includes defining target markets, positioning the product, and setting objectives. A marketing plan outlines specific actions, tactics, and timelines to achieve these objectives, including product, price, place, and promotion decisions (the Four Ps), along with budgeting and performance evaluation.
How does the implementation of the marketing mix increase customer value?
The marketing mix (product, price, place, and promotion) increases customer value by offering the right product that meets customer needs, pricing it fairly, making it available in convenient locations, and promoting it effectively. This combination ensures customers perceive high value, leading to satisfaction and loyalty.
