Chapter 5 Flashcards
What is marketing?
Planning and carrying out activities to bring value to customers and businesses through exchanges of ideas, goods, and services.
List the 5 conditions of exchange.
Two willing parties
Value exchange
Communication and delivery
Freedom to choose offers
Willingness to deal with each other.
List the 5 gaps found in the marketing process.
Space gap - distance between consumer and producer
Time gap - seasonal products
Information gap - is your product known?
Ownership gap - large purchases. eg. car -finance needed
Value gap - agreed price to product
List the 3 kinds of intermediaries bridging the gap between the buyer and seller.
Middlemen - brings together producer and consumer
Sales intermediary - agents
Auxiliary enterprise - provide support to facilitate selling process
List the factors that influence the perceived price of a product.
Monetary value
Time cost- money sacrificed for time
Emotional cost - frustrations and difficulties
List the 3 marketing activities and concisely explain.
Primary market activities - transportation
Auxiliary activities - additional activities
Exchange activities - buying and selling
What are marketing orientations?
These are the different marketing management philosophies.
What iss the main focus of the Production Concept in marketing?
Making a lot of affordable products, often with limited variety.
What problem arose from the Production Concept?
Supply of goods became greater than customer demand, leading to unsold products.
What is the main focus of the Sales Orientation Concept in marketing?
selling the products that were already made, whether they were needed or not.
What is the main focus of the Marketing Concept in marketing?
Satisfying customer needs , aligns all company functions , and aims for profitability..
List the 4 principles of the marketing concept.
Customer
Profit
Systems
Social Responsibility
What is green marketing?
The promotion of products and services based on environmental factors.
What is relationship marketing?
It is building and nurturing long-term connections with customers and other stakeholders.
Describe the marketing process. (9 Steps)
- Aligning marketing with the organization’s mission.
- Setting marketing objectives
- Scanning the environment
- Developing a marketing strategy by selecting a target market strategy
- Developing and implementing a marketing mix
- Implementing the strategy
- Designing performance measures
- Evaluating marketing efforts
- Making necessary changes.
List some of the management tasks in marketing. CCCDDD
Do SWOT analysis
Compile data
Choose target market
Decide on products
Decide on price
Decide on Marketing personnel
Organize & Control marketing process
Study the management tasks of marketing managers.
ayt bet.
List the consequences of neglecting the marketing management tasks.
HR management will not know how many people to employ
Financial management wont know how much funding is required
Purchasing management will not know which raw materials to purchase.
What is strategic marketing management?
It is long-term planning, execution, and control to ensure marketing success in a competitive environment.
What is marketing management?
It is planning, executing, and tracking marketing activities to achieve business goals.
List the differences between strategic marketing and marketing management.
Strategic Marketing is long-term.
Marketing management is short-term.
Strategic Marketing focuses on the overall business goals.
Marketing Management focuses on marketing objectives.
