Marketing Flashcards
Definition of Marketing
The process of creating, distributing, promoting, and
pricing goods, services, and ideas to facilitate satisfying exchange
relationships with customers and to develop and maintain favorable
relationships with stakeholders in a dynamic environment
What’s the equation for Value
Customer Value = Perceived Benefits - Cost
- you cannot determine value w/o cost, and vice versa
What are Perceived Benefits and Cost
Perceived Benefits are what you get out of a product, monetary or not.
Cost is what it takes to obtain the product, monetary or not
What’s the definition of Value
Value is a subjective assessment of benefits relative to costs
What does Marketing have the ability to do
It has the ability to increase consumers perceptions of a products quality and social approval
What is the Marketing Mix
The Marketing Mix represents everything that a firm can do to influence demand for its good, service, or idea
What are the four P’s of the Marketing Mix
Product, Promotion, Price, Place
Marketing Mix: Product
A specific combination of goods, services, or ideas that a firm offers to consumers
Marketing Mix: Price
The amount of something: money, time, or effort- that a buyer exchanges with a seller to obtain a product
Marketing Mix: Place
Includes the activities a firm undertakes to make its product available to potential consumers
Marketing Mix: Promotion
includes the activities firm uses to inform individuals about the organization and its products
Marketing creates Utility, what is Utility?
Utility is the benefit received by Users of a product
What are the 4 Forms of Utility
Form Utility, Place Utility, Time Utility, Possession Utility
What is Form Utility
The production/customization of the good or service
What is Place Utility
Having the product offering available where the consumer wants/needs it
