Chapter 1: Intro Flashcards
Marketing
- organizational function
- set of processes
- for creating, capturing, communicating, and delivering value to customers
- managing customer relations in ways that benefit the organization and its stakeholders
exchange
the trade of things of value between the buyer and the seller so that each is better off
exchanges of value
- value=ratio is given up for what is obtained
- both parties must believe they are getting value for exchange to take place
- value is created through the marketing mix (4 Ps)
product
creating value thru a variety of offerings, including goods, services, and ideas, to satisfy customer needs
price
- capturing value, everything a buyer gives up in exchange for the product
- must be amount customer is willing to pay and which gives a profit
place
- delivering the value proposition
- place, or supply chain management
- all activities needed to get the product to the right customer when the customer wants it
promotion
- communicating value
- communication that informs, persuades, and reminds potential buyers about a product or service
- to influence their opinions or elicit a response
corporate orientations- production
- focus is on internal capability and technology
- wut does the firm do best???
corporate orientations- sales
- aggressive sales techniques
- how can we sell more of what we have???
B2C
business to consumers
B2B
selling merchandise/services from one bus to another
C2C
consumer sell to other consumers
production-oriented area
turn of 20th century- good product will sell itself, more concerned with product innovation
sales-oriented era
1920-1950, people weren’t buying because GD and WWII- marketing became more sophisticated
market-oriented era
from war effort to making summer products; suburbia
market orientation
- purpose of organization is to satisfy cons needs/wants, while meeting organizational objectives
- provide more value than competitors
value
reflects relationship of benefits to cost
value cocreation
customers can act as collaborators to create the product or service
1- share info about customers/competitors and integrate across fir’s depts
2- balancing benefits with costs
3-building relationships with customers
relational orientation
realized marketers need to think about their customers in terms of relationships rather than transactions
customer relationship management
identifying and building loyalty among the firm is most valued customers
market concept
make what you can sell rather than selling what you can make
supply chain/marketing channel
group of firms that make and deliver a given set of goods and services
entrepreneurs
ppl who organize, operate, and assume the risk of a business venture- OPRAH
