Intro To Marketing Flashcards
————- makes products but not in factories
Producer
—————- starts before production of goods and continues further
Marketing
———— is the state of being deprived of something
Needs
Wants are human needs shaped by ———— and ————-
Culture and personality
Wants backed by the purchasing power is ———-
Demand
The intangible acts and deeds offered from one party to another without transfer of title ?
Service
Customer value in ——— which reflects the state of difference between benefits and cost ———- purchase
Proactive and before
Customer satisfaction is ———— which reflects the state of difference between product or service experience with that of expectation
Reactive component
What is marketing ? Can a marketer be a manufacturer ? Explain with example
Marketing refers to the activity of ascertaining consumer needs and wants , it is the process of convincing a customer to buy their product , marketing can be defined in various ways , marketing in simple terms can be explained as the process of converting consumer needs and wants to products and services then moving the product or service to the final consumer segment with the emphasis on customer satisfaction ensuring the optimum utilisation of resources.
No a marketer cannot be a manufacturer ad manufacturer is someone who makes products in a factory whereas marketer is someone who performs various activities to facilitate exchange of goods or services
For example sun-feast biscuits and noodles are manufactured by ITC and ITC is its marketer as well
Distinguish between marketing and selling
Selling - Selling is characterized by product focus approach. It has short term goal of achieving market share. It does not consider a planning for building up the brand in the market place and doesn’t have a high loyal set of customers. profits through sales maximization. The marketer is of the view that once the production completes, the task of sales force begins and it’s the duty of the sales force to sell what has been produced. Aggressive selling is adopted for achieving the sales which gives cash to the company.
Marketing - Marketing as a concept is wider than selling and focuses on customers’ needs and wants rather than the product. Marketing starts before the production and product is produced according to the needs and wants of the customers. Customer satisfaction is given vital importance and changes are made if customer is not satisfied. It is a long chain of activity, which comprises production, packing, promotion, pricing, distribution and then the selling. Profits are not ignored but they are built up on a long run basis and realized with customer satisfaction.
Customer is king , which philosophy does this come under ?
MARKETING PHILOSOPHY
At a point after the selling concept this time customers were fed up of too much influence of the salesman during purchase of products which led to unnecessary purchase that did meet customer’s needs and wants. Customers expected that companies should be more responsible enough to understand their actual needs and wants rather than imposing products on them. The marketing concept proposes that the success of the firm depends on how well it understands the needs and wants of the customers and how successfully it converts these needs in to products and services that will satisfy the customer’s requirements
Marketing starts before the product; service or solution is ready and continues even after the sale has been made. In marketing company makes honest efforts towards retaining the customers and also attracting new ones. Customer satisfaction is the strongest pillar of marketing where company assures that customers are satisfied after buying a product or service. This is a customer centric approach rather than product centric one. In marketing concept customer satisfaction is the focal point and all decision making based on it. Decisions like the product to be produced, with the features to be included. The price and the place to be sold all depends on the customers.
Societal marketing is earning profits by working for society , explain and give examples
The societal marketing concept believes in giving back to the society as it believes that the company is profiting because of society and hence it should also take measures to make sure the society also benefits from the company. The concept advocates to deliver the customer satisfaction in a way that preserves or enhances the customer’s and the society’s well-being.
Societal Marketing can be defined as a marketing function in which the organizations identify the needs and wants of the target market and then align the marketing activities of an organization in such a manner that their marketing efforts are socially responsible and thereby help the organization in gaining the trust of the society by having an image of a socially responsible organization, but still remaining profitable.
Body Shop, a cosmetic company uses only vegetable based materials for its products. It is also against Animal testing, supports community trade, activate Self Esteem, Defend Human Rights, and overall protection of the planet.
