Intro to Marketing Flashcards
Definition of Marketing
The process of creating,
distributing, promoting, and pricing
goods, services, and ideas to facilitate
satisfying exchange relationships with
customers and to develop and maintain
favorable relationships with stakeholders
in a dynamic environment
What’s Exchange?
Trade of value between buyer and seller so that each is better off
What’s the equation of Value?
Customer Value = Perceived Benefits - Costs
Perceived Benefits are what the customer gets, and cost is what it takes to obtain the product
What are value strategies
Best Price, Best Product, Best Service
What is a ‘Need’ Vs. a ‘Want”
Products that satisfy needs and or wants provide benefit to costumers.
A NEED: state of felt deprivation (food, clothing, water, shelter)
A WANT: The form that human needs take as they are shaped by personality, culture, and buying situation
What is needed for marketing to occur?
Two or more parties with unsatisfied needs, the desire and ability to satisfy those needs, a way for parties to communicate, and something in exchange
What is the essence of marketing
Figure out the customers’ needs and wants, and fill them
What are the four P’s of the marketing mix
Production, Promotion, Price, Place
Product:
a specific combination of goods, services, or
ideas that a firm offers to consumers
Promotion:
includes the activities a firm uses to
inform individuals about the organization and it’s products
Price:
the amount of something—money, time, or
effort—that a buyer exchanges with a seller to obtain a product
Place:
includes the activities a firm undertakes to
make its product available to potential consumers
What are the 4 forms of Utility
Form Utility, Place Utility, Time Utility, and Possession Utility
What are Form, Place, Time, and Possession Utility
Ugh
What is Utility
The benefits received by users of a product
Definition of Strategy
an organization’s
long-term course of action designed
to deliver a unique customer
experience while accomplishing
objectives.
What are S.M.A.R.T goals?
S: Specific (defines goal / no ambiguous language)
M: Measurable (ability to know if goal has been met)
A: Attainable (challenging within ability to complete)
R: Relevant (aligned to objectives / assignable to
someone)
T: Time-Specific (“by when”)
What is SWOT analysis?
SWOT:
S: Strength
W: Weakness
O: Opportunity’s
T: Threats
What are Primary Vs. Secondary competitors?
Primary: Same sector/same product. Same thing same way
Secondary: Same sector, different product. Same thing, different way.
First Mover VS. Late Mover advantage
First-mover advantage is the ability of an innovative
company to achieve long-term competitive
advantages by being the first to offer an innovative
product in the marketplace
Late-mover advantage is the ability of later market
entrants to achieve long-term competitive
advantages by not being the first to offer a certain
product in a marketplace
Environmental Forces
Economic, Income distribution, customer confidence, consumer confidence, demographics, sociocultural, political, legal, and technological
What is marketing research
The systematic design, collection, interpretation, and
reporting of information to help marketers solve specific
marketing problems or take advantage of marketing
opportunities
What’s the 5-step marketing approach, and what takes place during each step
STEP 1: DEFINE THE PROBLEM
- set research objectives
-identify possible marketing actions
STEP 2: DEVELOP THE RESEARCH PLAN
-specify constrains
-identify data needed for marketing actions
-determine how to collect data
STEP 3: COLLECT RELEVANT INFORMATION
-obtain secondary data
-obtain primary data
-use information technology and data mining
STEP 4: Develop findings
-Analyze the data
-present the findings
STEP 5: TAKE MARKETING ACTIONS
-Make action recommendations
-implement action recommendations
-evaluate results
Reliability VS. Validity
Reliability: A condition that exists when a research technique
produces almost identical results in repeated trials
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Validity: A condition that exists when a research method
measures what it is supposed to measure
