chapter 1 Flashcards
Good marketing is no accident. It is both an art and a science, and it results from careful planning
and execution using state-of-the-art tools and techniques. Skillful marketers are continually updating
classic practices and inventing new ones to find creative, practical ways to adapt to new marketing
realities
is about identifying and meeting human and social needs in a way that harmonizes with
the goals of the organization
Marketing
is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing (American Marketing Association formal definition)
is the art and science of choosing target markets and getting, keeping, and growing
customers through creating, delivering, and communicating superior customer value.
marketing management
is a societal process by which individuals and groups obtain what they need and want through creating, offering, and
freely exchanging products and services of value with others
social definition of marketing
What is Marketed?
Goods
Services
Events
Experiences
Persons
Places
Properties
Organizations
Ideas
someone who seeks a response—attention, a purchase, a vote, a donation—from
another party
marketer
collection of buyers and sellers who negotiate transactions that involve a particular product or product class (such as the housing market or the grain market).
market
five basic markets:
Resource markets
Manufacturer markets
Consumer markets
Intermediary markets
Government markets
a group of sellers
industry
describe customer groups
market
The new market realities can be divided into three main categories:
- the market forces that shape the relationships among the different market entities
- the market outcomes that stem from the interplay of these forces
- the emergence of holistic marketing as an essential approach to succeeding in the rapidly evolving market.
