Lecture 1 - Introduction to marketing Flashcards
What is marketing?
Marketing is the process of creating, communicating, and delivering value to customers.
What is meant by a changing marketplace?
The internet has reshaped the marketplace. The internet acts as a powerful information, interaction and purchasing aid, benefitting consumers. While companies use data to create personalised ads, and automation etc. for efficiency.
Challenges for marketing (technology, globalization, CSR)
- Technology: Innovations like AI, IoT, and data analytics transform customer interactions and business operations.
- Globalization: Increases competition and requires adapting to diverse markets.
- CSR: Companies must balance profitability with social responsibility and sustainability to meet growing consumer expectations.
What is the “iceberg phenomenon” in marketing?
It shows that the visible parts of marketing, like ads and surveys, are only a small fraction of the overall marketing efforts, which also include strategy, analysis, and planning.
Societal marketing
…is a business approach that balances customer satisfaction, company profitability, and social responsibility. It focuses on meeting consumer needs while ensuring positive long-term impacts on society and the environment.
What are the four marketing philosophies?
- Production philosophy: Focuses on efficiency and affordability.
- Product philosophy: Emphasizes quality and innovation.
- Selling philosophy: Centers on aggressive sales tactics. // - Firms sell what they make, rather than make what the market wants
- Marketing philosophy: A customer-centered approach aiming to satisfy needs profitably.
Marketing’s role in creating demand
Marketing creates demand by creating awareness, fostering willingness to buy, and ensuring products or services meet consumer needs effectively.
What is motivation and willingness to buy?
Motivation stems from recognizing an unmet need, leading to actions like searching for solutions. Willingness to buy increases when customers perceive a product as the best way to resolve their need.
