Chapter 1: Defining Marketing Flashcards
Identifying and meeting human and social needs; 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
Groupings of customers
Market
What are the three core functions of business?
Finance, marketing, operations
“The customer wants an inexpensive car.”
What type of need is this?
Stated need
“The customer wants a car whose operating cost, not initial price, is low.”
What type of need is this?
Real need
“The customer expects good service from the dealer.”
What type of need is this?
Unstated need
“The customer would like the dealer to include an onboard GPS.”
What type of need is this?
Delight need
“The customer wants friends to see him or her as a savvy consumer.”
What type of need is this?
Secret need
Something that is desired, wished for, or aspired to. Not essential for basic survival, often shaped by culture or peer group.
Want
When needs and wants are backed up by the ability to pay, they have the potential to become…
Economic demand
Customer perceived value
Total benefit - total cost
Marketing Mix (4 Ps)
Product, Price, Promotion, Place
A promise of value to be delivered and a belief from the customer that the value will be experienced.
Value proposition
The part of the qualified available market the company decides to pursue.
Target market
Designing a company’s offering and image to occupy a distinctive place in the minds of the target market.
Positioning
