Introduction, Definitions, Marketing Concept, Selling Concept (1) Flashcards
“If business is a chess match, then marketing is the ______.”
queen
Practical experience teaches that the brilliance or elegance of a product or solution alone will not allow it to ________ in the market.
succeed
Practical experience teaches that…
the brilliance or elegance of a product or solution alone will not allow it to succeed in the market.
Products and services have to provide some _______ to customers or they won’t buy them.
Having products or services that are cool or innovative doesn’t by itself guarantee success.
Is having valuable products and services enough for success?
NO
What if customers never learn about products that could meet their needs? What if they do learn about them but the information is confusing, the pricing is wrong, or some other perception about the products or the firm that provides them creates a barrier to customers making a purchase?
Marketing helps products navigate the journey from ______ to _______
invention, success
What does marketing do?
profitable distribution
Marketing is a very _______ function inside a company
strategic
What is marketing responsible for?
- Ensuring that a firm understands its customers
- finding the best ways of reaching those customers with product information
- Encouraging customers to make purchase decisions
- Turning customers into brand loyalists once they’ve made a purchase
How does great marketing help a company grow?
By generating revenue
A great marketing function generates revenue for the firm, helping it to grow.
What is the myth of marketing that needs to be busted?
It’s important early in this text to bust a myth: that marketing and advertising are one and the same.
what is advertising?
Advertising is one approach that marketers can use to reach customers and share brand messages.
Savvy marketers use a broad range of…
strategies, techniques, and approaches in their work.
Marketers select which strategies to use based on how to best…
reach their target customers.
The simplest definition of marketing is that it is a specialized type of __________ between businesses and consumers.
communication
What is the simplest definition of marketing?
The simplest definition of marketing is that it is a specialized type of communication between businesses and consumers.
The American Marketing Association (AMA) defines marketing as “the activity, set of institutions, and _______ for creating, communicating, delivering, and exchanging _______ that have _______ for customers, clients, partners, and society at large.”
processes, offerings, value
How does the American Marketing Association (AMA) define marketing?
“the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
marketing is the activity, set of institutions, and processes for ______, _______, _______ and _______ offerings that have value for customers, clients, partners and society at large
creating, communicating, delivering and exchanging
Regis McKenna, the legendary marketer who is credited with helping put Silicon Valley on the map, said, “Marketing is _________.”
everything
Peter Drucker defined marketing as….
” not only much broader than selling; it is not a specialized activity at all. It encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customer’s point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise.”
Dr. Philip Kotler, considered by many as the world’s foremost expert on the strategic practice of marketing, said, “Marketing is the _____ process by which individuals and groups obtain what they ____ and _____ through_____ and ______ products and ______ with others.”
social, need, want, creating, exchanging, value
How did Phillip Kotler define marketing?
“Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.”
John Jantsch, consultant and author of Duct Tape Marketing, said, “Marketing is getting someone who has a _____ to know, like and trust you.”
need
What are three components that make up marketing?
processes
exchange
relationship
Marketing can be defined as a _______, ______ and ______
process, exchange, relationship
What does marketing as a process mean?
This means that it involves people, a sequence of steps or activity, inputs, tools, data, and outcomes.
Marketing involves people, a sequence of steps or activity, inputs, tools, data, and outcomes. This makes it a…
process
Why is marketing a process?
its involves people, a sequence of steps or activity, tools data, and outcomes
What is exchange?
Exchange is a basic business function that takes place when a person or company satisfies a need by exchanging money for products or services.
Exchange is a basic business ________ that takes place when a person or company satisfies a ______ by exchanging ______ for products of services
function, need, money
When a company sells something, ______ occurs.
exchange
It is this exchange that marketing is trying to trigger.
What is marketing trying to trigger?
exchange
What happens in an exchange relationship?
we pay money for the things we want or need
Sometimes the work of marketing is to ______consumers that they should enter exchange relationships.
convince
Sometimes as consumers _______, marketers try to make sure it is for goods and services from the marketers’ brand or company.
exchange
What two functions of the marketer relating to exchange relationships?
- to convince consumers that they should enter exchange relationships. (You need a car because…)
- to make sure it is for goods and services from the marketers’ brand or company. (You need a Chevy because…)
When, whether employees are in accounting, manufacturing, finance, or other parts of the organization, they all take a ______ view of marketing.
holistic
“Marketing is everything”
Marketers understand that the ______ of the relationships consumers have with a brand has a huge impact on customer loyalty.
strength
The strength of the relationships consumers have with a brand has a huge image on…
customer loyalty
Happy customers are…
more immune to competing offers, are willing to pay more for solutions from the brands they love, and will readily advocate for their favorite brands through word-of-mouth marketing.
Happy customers are more ______ to competing offers, are _____ to pay more for solutions from the brands they love, and will readily ______ for their favorite brands through word-of-mouth marketing.
immune, willing, advocate
(To understand this kind of loyalty, try telling a faithful Starbucks customer that they can get cheaper coffee that is just as good at Dunkin’ Donuts.)
How can a customer advocate their favorite brands?
through word-of-mouth marketing
Marketing ______ a communications process with customers in which _____ occurs, the customers receive _____ from the goods and services they purchase, and the company that sells the goods profits as well.
manages, exchange, value
Are the benefits of from the marketing process one -sided?
No, good comes to both parties in the exchange.
Marketing manages a communications ______ with _______.
process, customers
Marketing is ________ process
communication
