General Overview of Marketing Flashcards
What is Marketing?
The activity, set of institutions and process for CREATING, COMMUNICATING, DELIVERING and EXCHANGE OFFERINGS that have VALUE for customers, clients, partners and society at large.
What are the four conditions to facilitate exchange?
At least two parties must participate and each must possess something of value.
Exchange should provide a benefit to both parties.
Each party must have confidence in the promise of the ‘something of value’ held by the other.
The parties must meet expectations.
What is the Marketing Mix?
It is about making the right PRODUCT available in the right PLACE, PROMOTED to the right customers at the right PRICE acceptable to customers.
What is the selling concept?
This takes an inside-out view that focuses on existing products and heavy selling. The aim is to sell what the company makes rather than making what the customer wants.
Marketing is the process of:
Maximising returns to stakeholders by developing relationships with valued customers and creating an advantage for them.
What is the marketing concept?
This takes an outside-in view that focuses on satisfying customer needs as a path to profits.
What does it mean by an organisation’s Market Orientation?
A commitment to researching and responding to customer’s needs. Involves generation of market INTELLIGENCE in relation to current and future customer needs, competitors and collaborators.
The concept of exchange is fundamental to the definition of marketing. What is the best description of exchange?
Provision or transfer of goods, services or ideas in return for something of value.
What is customer value?
A SUBJECTIVE assessment of BENEFITS relative to cost in determining the worth of a product
What is the Production Concept?
The ability of the firm to manufacture products as efficiently as possible
