Chapter 1 Flashcards
*Common Sense
*The Same Thing as Sales and Advertising
*An Art: Either you have it or you don’t
*Fluffy: Numbers are optional
Does this explain what marketing is?
No, this is What Marketing is Not
What is Marketing?
The process of DISCOVERING and SATISFYING consumer needs
*P&G
*Apple
*Disney
*Target
*Tesla
These are examples of what driven organizations?
Marketing Driven Organizations
*Kodak
*Nokie
*JCPenny
*Blockbuster
These are examples of what driven organizations?
Non-Marketing Driven Organizations
Are all departments created equal?
No
*Products and services tailored to meet their needs
*More Options
*Better customer service
*Higher quality of life
*Higher satisfaction
These are the benefits of marketing for?
Consumers
*Creates value beyond the product
*Creates competitive insulation
*Can charge more for products and services
*Improve employee morale
*Increase relevancy
These are the benefits of marketing for?
Companies
How does Marketing Happen?
*Discovering Needs
*Satisfying Needs
*Personal Insights
*Secondary Research
*Primary Research
What needs are these?
Discovering Needs
4P’s of Marketing Mix
*Place
*Product
*Price
*Promotion
What needs are these?
Satisfying Needs
If you only remember 3 things…1
1.Marketing is not common-sense fluffy advertising, but rather a strategic process of DISCOVERING and SATISFYING consumer needs
If you only remember 3 things…2
2.Marketing driven organizations focus on the EVER-CHANGING NEEDS of the consumer and ADJUST their business models in order to stay relevant
What is this ?
the trade of things of value between a buyer and a seller so that each is better off after the trade
exchange
What is this ?
occurs when a person feels deprived of basic necessities such as food, clothing, and shelter
a need
What is this ?
is a need that is shaped by a persons knowledge, culture, and personality
a want
What is this ?
people with both the desire and the ability to buy a specific offering
a market
What is this ?
one or more specific groups of potential consumers toward which an organization directs its marketing program
target market
What is this ?
the controllable factors-product, price, promotion, and place-that can be used by the marketing manager to solve a marketing problem
marketing mix
What is this ?
marketing mix elements are under the control of the marketing department in an organization
controllable factors
What is this ?
is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price
customer value
What is this ?
links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
relationship marketing
What is this ?
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
marketing program
What is this ?
the relatively homogeneous groups of prospective buyers who have common needs and will respond similarly to a marketing action
market segments
What is this ?
the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals
marketing concept
What is this ?
an organization with a market orientation focuses its efforts on continuously collecting information about customers needs, sharing this information across departments, and using it to create customer value
market orientation
What is this ?
the process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase
customer relationship management
What is this ?
the internal response that customers have to all aspects of an organization and its offering
customer experience
What is this ?
the view that organizations should satisfy the needs of consumers in a way that provides for society well being
societal marketing concept
What is this ?
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers need and is received in exchange for money or something else of value
product
What is this ?
the people who use the products and services purchased for a household
ultimate consumers
What is this ?
those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use for resale
organizational buyers
What is this ?
the benefits or customer value received by users of the products
utility
What is this ?
having the offering available where consumers need it
place utility
What is this ?
having it available when needed
time utility
What is this ?
the value of making an item easy to purchase through the provision of credit cards or financial arrangements
possession utility
