Intro Flashcards
What is the main focus of marketing
How value is created for customers, consumers, organizations and society
What are the four ps of the marketing mix
Price, product, place and promotion
What is the official definition of marketing
It is the activity, set of instructions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large
What is value in a marketing context
It is the benefit of an exchange
In addition to the four ps product, price, place and promotion what other ps can be good for marketing
People, process and physical evidence
What benefits are there to good value creation outside the thing itself for the company
Satisfied customers, loyalty, high market share, sales momentum through reputation , word of mouth
What tools are available to understand a market
Market environment analysis, consumer behavior and b2b insights, market research, segmentation, targeting and positioning as well as strategic decision making
In its essence what is marketing about
Understanding the your competitors and those you want to please which can be more for profit and non profit
Is marketing about sales and advertising
A little but its not the main focus
What is market orientation
Gaining intelligence about current and future customer needs and implement this knowledge in all departments
What is a common pitfall in market orientation
Focusing in the product instead of the customer needs
What is the three building blocks of market orientation
Focus in customer needs, understanding competitors strengths and weaknesses and internal knowledge and coordination
What us the difference between customers and consumers
Customers buy consumers enjoy
What is market sensing
Understanding the strategic implications if the market as a result of market orientation
How has industrial economics influenced marketing
Price setting and microeconomic concepts of efficiency and ncentives
How has psychology influenced marketing
Customer behavior, information processing and motivation
How has sociology influenced marketing
How to target demographics and influence public opinion
How has anthropology influenced marketing
On how to target different cultures
How has computer science influenced marketing
User experience
What is the difference between sales and marketing
Sales focuses in short term product push while marketing focuses in ling term product pull
How can marketers improve their repuattion
By focusing on authenticity, respecting integrity and showing respect and gratitude.
What is Engels law
As customers income increases inly their spending in food decreases, other necessities stay the same percentage and the percentage on miscellaneous items increases
What is reillys law if retail gravitation
A city attracts retailers in proportion to their population and distance to other retailers
What does it mean that the elasticity of selective advertising on company sales is low
That for frequently purchased goods advertisement has low effect on sales while the opposite is true for infrequently purchased goods
