Chapter 1 Flashcards
What is marketing?
The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large
To serve both buyers and sellers marketing seeks to:
- Discover the needs and wants of prospective customers
2. Satisfy them
The trade of things of value between a buyer and a seller so that each is better off
exchange
What are the four factors that are required for marketing to occur?
- Two or more parties with unsatisfied needs
- Desire and ability to satisfy these needs
- A way for the parties to communicate
- Something to exchange
About what percent of of consumer products fail annually?
94
According to Robert McMath two suggestions to prevent failure in new products are
- Focus on the customer benefit
2. learn from the past
What are people with both the desire and the ability to buy a specific offering
market
One or more specific groups of potential consumers toward which an organization directs its marketing program
Target market
What are the four P’s?
Product, Price, Promotion, Place
What are the controllable factors–product, price, promotion, place–that the marketing manager can use to solve a marketing problem
Marketing Mix
A cluster of benefits that an organization promises customers to satisfy their needs
customer value proposition
What are environmental forces?
The uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision
Buyer’s benefits such as quality, convenience, on-time delivery, and before-and-after the sale service at a specific price
Customer value
Linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
relationship marketing
A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
marketing program
