Lecture 1 - Introduction to Marketing Flashcards
1
Q
What is the definition of marketing?
A
‘The management process responsible for identifying, anticipating and satisfying customer requirement profitably.’
2
Q
What is the marketing concept
A
‘The achievement of corporate goals through meeting and exceeding customer needs and expectations better than the competition’
3
Q
What are the 3 factors contributing towards the marketing concept?
A
- Customer orientation
- Integrated effort
- Goal achievement
4
Q
What are the 4Ps?
A
- Price
- Product
- Place
- Promotion
5
Q
What are the 3 extra Ps?
A
- Process
- People
- Physical Evidence
6
Q
Price
A
- Cost
- Value and perceived value
- Pricing strategy
- Price elasticity
7
Q
Product
A
- Good or service
- New product; innovation
- New features
8
Q
Promotion
A
- Advertising
- Communications strategy
- Google and search
9
Q
Place
A
- Distribution and logistics
- Where customers will buy product
- Online (place)
10
Q
Process
A
- The ‘how’
- Service element of delivering the offer
- How to manage the customer experience
11
Q
People
A
- Human resources involved in delivering the offer
- Very important for services
- i.e hotels, uber drivers, lawyers
12
Q
Physical Environment
A
- Where the consumption process and decision making is taking place
- Well designed store can attract customers
- Online atmospherics
