Chapter 1 The Basics Flashcards
What aspect of marketing have institutions primarily focused on?
Promotion
This limited focus leads to distrust and underestimation of marketing’s potential benefits.
Who established a more complete definition of marketing in the context of non-profit institutions?
Philip Kotler
Kotler’s definition emphasizes analysis, planning, implementation, and control of programs for value exchanges.
What are the two criteria for successful exchanges in marketing?
- Voluntary
- Satisfying
What does student attrition represent in the context of marketing exchanges?
A failed marketing exchange
Retention represents a successful marketing exchange.
What are the Four Ps in marketing?
- Price
- Product
- Place
- Promotion
What is a market according to Larry Litten, Daniel Sullivan, and David Brodigan?
An aggregation of individuals or organizations seeking to obtain certain benefits or satisfy needs through products.
What is a market segment?
A group of people who share characteristics, behaviors, desires, or needs that differ from other groups.
True or False: Customers in higher education exchanges provide money, time, support, or advocacy in exchange for recognition and services.
True
How does Kotler’s definition of marketing contribute to institutional goals?
It connects marketing efforts to high-level institutional goals like enrollment and retention.
What does the term value proposition refer to?
A communicated promise of value designed to facilitate an exchange.
What is a positioning statement?
An internal marketing tool that explains the benefit an institution provides, for whom, and how it is distinctively better.
What is a key challenge for colleges and universities in expressing their value propositions?
Creating undifferentiated value propositions that do not clearly state how they are different from competitors.
What is the role of research in marketing for higher education institutions?
To inform key institutional decisions affecting stakeholder choices in exchanges of value.
Fill in the blank: A marketing mix includes decisions about ______, product, place, and promotion.
Price
What do successful institutions do to differentiate their brand?
They differentiate their brand and value proposition from competitors.
What is the primary business of an institution of higher learning?
Education
However, they also operate in several service businesses, including hospitality and entertainment.
True or False: Higher education marketing is solely about selling education as a product.
False
What is the significance of student satisfaction in higher education marketing?
It is an important factor in retaining stakeholders in exchanges of value.
What does the term ‘suppliers’ refer to in higher education marketing?
Providers of programs and services, which can include faculty and staff.
What is the impact of misrepresentation in marketing exchanges?
It can damage the institution’s reputation and lead to unsuccessful exchanges.
What is meant by ‘services marketing’ in the context of higher education?
Marketing that focuses on the delivery of services, such as education and student support.
What is the primary focus of the Small Liberal Arts College Positioning Statement?
The intersection of academics and opportunity
List three key elements of the Small Liberal Arts College Value Proposition.
- An unpretentious community where students, professors, and staff care deeply about each other
- Professors who collaborate with students to enhance learning
- Undergraduate research opportunities and a rigorous academic experience
How does the Small Liberal Arts College differentiate itself from large public institutions?
By its faith-based mission, location, and community
