Chapter 1 - Done Flashcards
What is marketing?
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
What is the marketing process?
The marketing process is an ongoing process which is:
Understanding —–> Creating —–> Communicating —–> Delivering
What is the exchange of value and what does it require?
To be considered a successful marketing exchange, the transaction must satisfy the following conditions:
- Two or more parties must participate, each with something of value desired by the other party
- All parties must benefit from the exchange
- The exchange must meet both parties’ expectations
What is value?
Value is is a customer’s overall assessment of the utility of an offering based on perception of what is received and what is given. It is a subjective concept which varies from customer to customer
What is a market?
A group of individuals with different wants and needs
What is a customer?
Are those people who purchase products for their own or someone else’s use
What is a consumer?
Are the people who use the good or service
What is a client?
Are essentially customers but more so customers from a not-for-profit background or social marketers
What is a partner?
Organisations or individuals who are involved in the activities and processes for creating, communicating and delivering offerings for exchange
What is society?
A body of individuals living as members of a community
What is marketing ethics?
Refers to a set a moral principles that guide attitudes and behaviors
What is Corporate Social Responsibility?
The concept that businesses have an obligation to act in the interests of the society that maintains them
It is the overarching responsibility that affects all aspects of the business, its operations and stakeholders: owners, employees, customers, partners and government
What is the triple bottom line?
Environmental, Social (CSR etc) and Economic (Ensure future economy of business) considerations for the development of the business
What is sustainability and how does marketing aim to address it?
A business philosophy to ensure our future because of the growing population and decreasing resources
Sustainable development: development that meets the needs of the present without compromising the ability of the future generations to meet their own needs
Sustainable marketing: Practices today are done so that the practices can be continued into the future with little repurcussions
What is greenwashing?
The process by which potentially questionable and/or misleading information is disseminated by an organisation in relation to its products, in order for it to be perceived as environmentally friendly when it is not
