Chapter 1 Flashcards
Marketing is the ________ , ________, and ___________ for ________, __________, ________, ____________ and ____________ offerings that have value.
activity; set of institutions; processes
Creating; Capturing; Communicating; Delivering; Exchanging
Marketing entails an _________ to satisfy customer ________ and __________.
Exchange
Needs; Wants
Exchange is mutually ________. Customers give up ________, _________, and __________
Beneficial
Money, Information, and Time
Products _____ value
Create
Price ______ value. Everything a _______ gives up.
Captures
Buyer
Place _______ value. Activities to get ______ to customers.
Deliver
Products
Promotion ________ value. A promotion is designed to _________, ___________, and ____________.
Communicates
Inform, Persuade, and Remind
The missing ‘P’ is:
People
LTV =
Life Time Value
Marketing is performed by ________ and __________.
Individuals; Organizations
Marketing impacts four stakeholders:
Customers
Employees
Society at Large
Supply Chain
Production-oriented Era
- Around the 20th Century
- Most firms were product oriented and believed that a good product could sell itself.
Sales-oriented Era
- Between 1920-1950
- The Great Depression and WWII conditioned customers to consume less or manufacture items themselves
Marketing-oriented Era
After WWII, soldiers returned home… Manufacturers turned from focusing on war effort toward making consumer products
Value-based Marketing
Most successful firms today are market-oriented. Sellers attempt to discover and satisfy their customer wants and needs
