Chapter 1 To Know Flashcards
The 4 P’s
Product
Price
Place
Promotion
Anytime a company attempts to build a relationship or sell a product what is occurring
Marketing
The marketing concept starting point
Market
The marketing concept focus
Customer needs or wants
The marketing concept means
Integrated marketing
The marketing concept ends
Profits through customer satisfaction
The marketing concept is what type of focus
Outward focus
Marketers create value through what
Products
Products can be (6) when creating “value”
Physical objects People Organizations Places Information Ideas
Everyone in the supply chain is a
Customer
The selling concept starting point
Factory
The selling concept focus
Existing products
The selling concept means
Selling and promoting
The selling concept ends
Profits through sheer volume
What do we already make and how can we be better at it refers to what concept
The selling concept
When you focus on selling only that results in what
Marketing myopia
The selling concept has what direction of focus
Inward focus
Societal marketing concept focuses on what three things
Consumers( want satisfaction)
Company (profits)
Society (human welfare)
Actually believing in the company and their products
Customer loyalty
Superior customer value results in (5)
Customer loyalty and retention Customer referrals More customers Customer equity Higher profits
What is the goal of building and capturing customer value
To create true friends and customer evangelists
When people endorse how much they like your product
Consumer-generated marketing
