Lecture 2 - Marketing Environment Flashcards
What are the two main categories of products?
Goods (Tangible) & Services (intangible)
What are “other” products a marketer manager can market?
Places, ideas, companies, people, experiences
How do we get the things we want?
Self-production, begging, exchange
What is an exchange?
The act of obtaining a desired product from someone by offering something in return
What do marketers do?
Make careful analysis of what other parties might want and decide what they might offer
What is a potential market?
All potential customers who share a particular need who might be willing to engage in an exchange to statisfy that need or want
What is marketing?
A social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others
What is marketing management
The analysis, planning, implementation and controlling of programs designed to create, build and maintain beneficial exchanges and relationships with target markets for the purpose of achieving an organization’s goals.
What does a marketing manager control?
Product, Price, Promotion, Place
4P’s: Product is referring to…
Designing products, positioning products
4P’s: Price is referring to…
Setting prices
4P’s:Promotion is referring to:
How to communicate with others
4P’s: Place is referring to
How to get the product to the customers
What are other P’s in marketing?
People - consumers and employees
Process - planning, decision making
Programs - orig 4 p’s and all consumer directed activities
Performance - Measuring profits, brand/consumer equity
Different marketing philosophies
Production concept
Product concept
Sales Concept
Marketing concept
What is production concept?
Consumer wants products that are widely available at a low cost
What is product concept?
Consumers want products that offer the most quality, performance, and features
What is sales concept?
Consumers will ordinarily not buy enough products if left alone. So must aggressively sell and promote products
What is marketing concept?
Determine the needs/wants of target markets and deliver a product that satisfy those needs and wants
-More effectively/efficiently than competition
What is social marketing concept?
adding to marketing concept but also done in a way that preserves or enhances consumers and societies well being
Name types of markets in our society
Manufacturer markets Resources markets Intermediary Markets Consumer markets Government Markets
