Chapter 1 Flashcards
Red Mango…
claimed to distinguish itself w/ creamier yogurt, smoothies, fresh fruit and loyalty program
Marketing the _______, _________, and _____ for ______, _________, _______, _______, and _______ that have value.
- activity, set of institutions, processes
- creating, capturing, communicating, delivering, exchanging offerings
Marketing entails an _________ to satisfy customer _________ and _________.
exchange; needs and wants
Exchange is mutually _________. Customers give up _________ and _________.
beneficial; money and information
Products _________ value.
create
Price everything that a _________ (money, time, and/or energy) gives up.
buyer
Place describes _______________ to get products to customers (supply chain).
all the activities
A promotion is designed to _________, _________, and _________.
inform, persuade, remind
The missing ‘P’ is _________
people
Production-oriented era
near the turn of the 20th century, most firms were producing and believed that a good product would sell itself
Sales-oriented era
happened between 1920 and 1950, depened on heavy doses of personal selling and advertising due to Great Depression and WW2
Market-oriented era
took place after WW2, manufacturers stopped focusing on war effort and moved towards consumer products, firms discovered marketing
Value-based marketing
most successful firms today are this, generally have transcended a production or selling orientation and attempt to discover and satisfy customers needs and wants
Marketing enriches society
by developing greener products, making healthier food options, and reducing carbon footprint/safer products
Companies must __________________, __________________, and __________________.
understand a marketing opportunity, conduct a thorough examination of the marketplace, and develop and communicate the value of their products and services to potential customers
