L1 | Introduction + What Is Marketing? Flashcards
What is the definition of marketing?
the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return
What are the 2 elements of the marketing process?
- Creating value for customers
- Capture value from customers in return
How companies create values for customers and build customer relationships?
- Understand the marketplace and customers needs and wants
- Design a customer-driven marketing strategy
- Construct an integrated marketing program that delivers superior value
- Build profitable relationships and create customer delight
What is the market?
Market is the set of actual and potential buyers of a product
Who is a consumer?
Someone who uses the product
Who is a consumer?
Someone who buys the product
What are the 4P’s?
- Product
- Place
- Price
- Promotion
What does SWOT analysis stand for?
Strengths
Weaknesses
Opportunities
Threats
What is the difference between marketing and management?
Marketing is a process that starts with identifying customer needs for a particular service or product, producing the appropriate amount, determining the pricing based on market dynamics, promoting the product and stocking it for sale. Whereas, management deals with the functions of planning, organising, staffing, directing, coordinating, reporting and budgeting.
What are needs?
States of felt deprivation
What are wants?
The form human needs take as they are shaped by culture and individual personality
What are demands?
Human wants that are backed by buying power
What are market offerings?
Some combinations of products, services, information or experiences offered to a market to satisfy a need or want.
What is marketing myopia?
The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
