Grewal & Levy Reading Flashcards
What are the four components of the marketing mix?
The Four Ps: Product, Price, Promotion, Place (Distribution)
Marketing is about satisfying _________ and _________.
customer needs, wants
What is the definition of marketing?
Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivery, and exchanging offerings that have value for customers, clients, partners, and society at large.
Who can perform marketing?
Individuals and organizations.
What have been the various eras of marketing?
Production-Oriented, Sales-Oriented, Market-Oriented, and Value-Based Marketing.
What is Value-Based Marketing?
Creating strong products/services and deciding which products/services to provide for whom.
Describe how marketers create value for a product or service.
Marketers attempt to understand what customers view as the key benefits of a given product or service and how to improve on them.
Does providing a good value mean selling at a low price?
Not always. Good value can also be achieved by finding opportunities to better satisfy their customers’ needs, keeping costs down, and developing long-term loyalties.
What type of relationship is best for providing value to customers?
Long-term relationships are best.
