Chapter 1 Flashcards
What are the key elements of marketing?
Focus on customers and target market.
What are the 4 p’s of marketing (marketing mix)?
Product, Placement/distribution (product availability at time and place), promotion (inform consumers of product, and educate consumers), price (objective, competition, value).
What is value?
Based on expectations vs. result, created for consumers.
What is the dynamic marketing environment in order?
The customer, then 4 p’s, then the various forces.
What is the marketing concept?
Satisfy customer needs and wants, alter/adapt/develop products, follow customer preferences.
What is production orientation?
1800s-early 1900s, industrial revolution, high demand for manufactured goods, assembly line and rail transportation.
What is sales orientation?
Mid 1900s, personal selling, advertising, distribution, focuses on selling products.
What is market orientation?
1950s-1980’s, focus on consumer needs, product innovation, intelligence.
What is market orientation TODAY?
1980s-today, satisfy customers, long term relationships, monitor external environment.
What is customer relationship managment?
Using information to create strategy, develop and sustain relationships with customers.
What is relationship marketing?
Trust, mutual dependency, expectations, understanding.
What is the formula for customer lifetime value (CLV)?
(# of visits per year)(average $ per visit)(# of years as customer), economic contribution over lifetime as customer.
What is marketing?
Creating, distributing, promoting, and pricing goods, services, and ideas to facilitate relationships with customers and maintain favorable relationships with stakeholders in a dynamic environment.
What is an exchange relationship?
Mutually beneficial transaction.
What is a target market?
A specific group of customers on whom an organization focuses its marketing efforts.
