Chapter 1: Overview Of Marketing Flashcards
Marketing
The activity, set of institutions, the processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing Plan
Specifies the marketing activities for a specific period of time
Exchange
The trade of things of value between the buyer and the seller so that each is better of as a result
What does marketing do?
Marketing helps create value.
Marketing is about satisfying customer needs and wants.
Marketing entails an exchange.
Marketing requires product, price, place and promotion.
Marketing can be performed by both individuals and organizations.
Marketing occurs in many settings.
Marketing Mix or Four Ps
Product, price, place, and promotion. The four Ps, or marketing mix, are the controllable set of activities that the firm uses to respond to the wants of its target markets
Four Ps: Product
Creating Value
Goods
Items that you can physically touch
Services
Intangible customer benefits that are produced by people or machines and cannot be separated from the producer.
Four Ps: Price
Capturing Value
Four Ps: Place
Delivering the Value Proposition
Four Ps: Promotion
Communicating the Value Proposition
B2C Marketing
The process by which businesses sell to consumers
B2B Marketing
The process of selling merchandise or services from one business to another
C2C Marketing
Consumers sell to other consumers
Employment Marketing
Undertaking marketing research to understand what potential employees are seeking, as well as what they think about the firm; developing a value proposition and an employee brand image; communicating that brand image to potential employees; and then fulfilling the brand promise by ensuring the employee experience matches that which was advertised
Value
Reflects the relationship of benefits to costs, or what you get for what you give
Value Cocreation
Customers can at as collaborators to create the product or service
Transactional Orientation
The buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance
Relational Orientation
Based on the philosophy that buyers and sellers should develop a long-term relationship.
Customer Relationship Management
A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers
Entrepreneurs
People who organize, operate, and assume the risk of a new business venture
