Chapter 3 Flashcards
What is marketing?
Comes from market, where buyers and sellers make transactions
“Selling” is only the tip of the ‘marketing iceberg’!
Marketing=; the process of planning, pricing, promoting, selling, and distributing ideas, goods, or
services to create exchanges that satisfy customer needs + wants + desires.
Process is the essence
4 P’s + selling are the actions
Distributing ideas, goods and services are the substance
Satisfying customer needs + wants + desires are the target/goal
What is the main goal of Marketing? Quotes
“Marketing is too important to be left to the marketing department.”- David Packard (co-
founder of Hewlett-Packard (1939));
“Build something 100 people love, not something 1 million people kind of like.” – Brian Chesky
(co-founder and CEO of the Airbnb);
“Good marketing makes the company look smart. Great marketing makes the customer feel
smart.” – Joe Chernov (one of the 100 most creative people in advertising);
“People don’t buy what you do; they buy why you do it.” – Simon Sinek (TED Talk speaker);
“Good marketers see consumers as complete human beings with all the dimensions real
people have.” – Jonah Sachs (one of the 50 most influential social innovators).
Peter Drucker (1909 – 2005) (advised to the heads of General Motors, Sears, General Electric):
“There will always, one can assume, be need for some selling. But the aim of marketing is to
make selling superfluous. The aim of marketing is to know and understand the customer so
well that the product or service fits him and sells itself. Ideally, marketing should result in a
customer who is ready to buy. All that should be needed then is to make the product or service
available.”
The scope of marketing: ‘what is marketed’?
Goods - Physical products, consumer products, consumer durables, etc.
Services - Transport, repair, and maintenance, legal, financial, consultancy, hotel, specialized skills, professionals
Events - Trade shows, sports world cups, vintage car rally, fashion shows, artistic performance, annual functions, event managements, etc.
Experiences - Theaters, opera, Disney-World, trekking, mountaineering, ocean cruise, cinema, music concerts, etc.
Persons - Celebrity marketing, film stars, politicians, artists, performers, advertisers, and now also CEO’s of companies
Place - Cities, states, countries for tourism, leisure & place for industrialization, real estate agents & business
The difference between goods and services shares over 1959 - 2039
Goods share - 54.33% to 23.29%
Services share - 45.67% to 76.71%
What happened to Barcelona in 1992
They got a lot of renewal to the city, the coastline was fully reworked and made to be so beautiful.
This was due to them hosting the Olympic Games
Prior to the coastline Barcelona was just a simple city, afterwards they let millions of tourists into the city which just brings Barcelona further ahead on the map
What are the pros and cons of celebrity marketing?
This can be a slippery slope, the celeb can overshadow the product, and in this day and age the celeb could be a bad one and all of a sudden the product takes a huge hit due to that
What are places?
Places = cities, states, regions, and countries compete to attract tourists.
‘What is marketed’? The last 4 things from earlier?
Properties - Ownership of tangible properties like real estate, house, apartment, farm house, precious metals and intangible properties like financial portfolio of various securities, stocks, bonds.
Organization - Building up identity, image, reputation, and brand value in the minds of consumers.
Information - It can be produced, packaged & marketed as a product - text books, encyclopedias, magazines & journals on literature, science, technology, medicine info, available through internet.
Ideas - The concept regarding a utility, business opportunity, advertising/ marketing ideas, scientific & technical, social, financial, psychological etc.
