Final - 02 Intro to MKT Flashcards
define makreting
Marketing- The process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return.
Summarize the marketing process briefly
In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior
customer value. By creating value for consumers, they in turn capture value from consumers in the form of sales, profits, and long-term customer equity.
define needs
Needs - States of felt deprivation.
—> Marketers did not create these needs; they are a basic part of the human makeup.
define wants
Wants are the form human needs take as they are shaped by culture and individual
personality. An American needs food but wants a Big Mac, french fries, and a soft drink.
— Wants are shaped by one’s society and are described in terms of objects that will satisfy those needs
define demand
Human wants that are backed by buying power.
— Given their wants and resources, people demand products with benefits that add up to the most value and satisfaction.
define market offering
Market offerings - Some combination of products, services, information, or experiences offered to a
market to satisfy a need or want.
define CRM
Customer relationship
management - The overall process of building and maintaining profitable customer
relationships by delivering superior customer value and satisfaction
define customer lifetime value
Customer lifetime value -
The value of the entire stream of
purchases that the customer would make over a lifetime of patronage.
what are the goals of marketing? (gonz)
Goals of marketing:
1) attract new customers by promising superior value
2) grow current customers by delivering satisfaction
define market penetration (product/market expansion techniques)
Market penetration = Company growth by increasing sales of current products to current market segments without changing the product
define market development (product/market expansion techniques)
Market development = Company growth by identifying and developing new market segments for current company products
define diversification (product/market expansion techniques)
Diversification = Company growth through starting up or acquiring businesses outside the company’s current products and markets.
define product development (product/market expansion techniques)
Product development - Company growth by offering modified or new products to current market segments.
define marketing strategy
Marketing strategy -
The marketing logic by which the company hopes to create customer value and achieve profitable customer
relationships
DEFINE MARKETING MIX
Marketing mix -
The set of tactical marketing tools— product, price, place, and promotion— that the firm blends to produce the response it wants in the target market.
define marketing implementation
Marketing implementation -
Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.
define ROI
Return on marketing investment (or marketing ROI) is the net return from a marketing investment divided by the costs of the marketing investment. It measures the profits generated by investments in marketing activities. Marketing ROI can be difficult to measure. In measuring financial ROI, both the R and the I are uniformly measured in dollars. But there is, as of yet, no consistent definition of marketing ROI.
define microenviroment
Microenvironment –The actors close to the company that affect its ability to serve its customers— the company, suppliers, publics, marketing intermediaries, customer markets, competitors, and publics.
define macro enviroment
Macroenvironment - The larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces
define marketing enviroment
Marketing environment -
The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful
relationships with target customers.
define market intermediaries
Marketing intermediaries –
Firms that help the company to promote, sell, and distribute its goods to final buyers
is the Changing Age Structure of the Population a macro or micro marketing environment factor?
macro -
The demographic environment is of major interest to marketers because it involves people, and people make up markets.
example: The Baby Boomers. The post–World War II baby boom produced 78 million baby
boomers, who were born between 1946 and 1964
describe what a millennial is
Millennials. Both the baby boomers and Gen Xers will one day be passing the reins to the
Millennials (also called Generation Y or the echo boomers). Born between 1977 and 2000, these children of the baby boomers number 83 million, dwarfing the Gen Xers and larger even than the baby boomer segment One thing that all the Millennials have in common is their utter fluency and comfort with digital technology. They don’t just embrace technology; it’s a way of life. The Millennials
were the first generation to grow up in a world filled with computers, cell phones,
satellite TV, iPods, and online social networks.
define micromarketing
Micro-Marketing
- Performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.
define macromarketing
Macro-Marketing
- Social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society
define the macro micro dilemma
The Micro-Macro Dilemma appears when what is “good” for some Firms and Consumers may not be good for Society as a whole. Despite the main objective of Marketing:
- “Satisfying needs generating value” (usually, for a profit), the Marketing Manager should be concerned with Social Responsibility (S.C.R.), which may require difficult trade-offs. —> E.g. Some products (alcohol, cigarettes…) are BAD for consumers in the long term.
what are the universal functions of marketing top content (gonz)*
Universal MK Functions, to overcome this discrepancies are: 1) Buying 2) Selling 3) Transporting 4) Storing 5) Standardization and Grading 6 ) Financing 7) Risk Taking 8) Market Information
