MARK 3000 Chapter 1 Flashcards
what is marketing?
anticipating and determining the needs/wants of consumers and satisfying those needs through the use of the 4Ps’s to create long term exchange of values
what is exchanges of value?
value is the ratio: what is given up for what is obtained
what must both parties believe for exchanges of value?
they are getting value for exchange to take place
what is value created through for exchanges of value?
through the marketing mix
what are the 4P’s?
product
price
place
promotion
what marketing mix creates value?
product
what marketing mix captures value?
price
what marketing mix delivers the value of proposition?
place
what marketing mix communicates value?
promotion
what marketing mix is through a variety of offerings, including goods, services and ideas?
product
how does marketing satisfy customer wants and needs?
focuses on creating products that will fulfill a consumers need or what
what is fundamental to marketing success?
understanding the marketplace and customers wants/needs
what kind of customers do good marketers seek out?
they try to find customers who are BOTH interest in the product and have he ability to purchase it
how does marketing create an exchange of something?
an exchange will occur where there is a TRADE between the seller and buyer
who will deliver communications and the actual product/service that was being marketed?
the seller
who will send money and information about the product?
the buyer
what is business to consumer marketing?
when businesses sell to consumers
what is business to business marketing?
when goods/services are bought and sold by other businesses to be used
when does business to business marketing occur?
-in the production of other goods
-by the business itself
-for resale to others
what is consumer to consumer marketing?
when consumers sell to other consumers
what is productions oriented era?
the era when people believed that if a product was good, it would literally sell itself
what were manufacturers doing during the production oriented era?
they were NOT trying to fulfill the needs of the consumers and were just trying to produce what they thought was the best product
what is the sales oriented era?
it was becoming harder for firms to sell everything they were producing so firms started to advertise more
what is the market oriented era?
manufacturers realized they needed to focus on what the CONSUMER wanted before making things
when did the US become a buyers market?
market oriented era
what is the value based marketing era?
make what you can sell!!
what did the value based marketing era appeal to?
customers values and ethics
what market did the value based marketing era shift product centric approach to?
customer centric approach
what is value co creation?
when customers are collaborating with manufactures to create a product/service
how do marketing firms become more value driven?
-share info about their customers and competitors
-balance their customers’ benefits and costs
-concentrate on building relationships with customers
-take advantage of new technologies
