MARKETING Flashcards
Set of institutions and processes for creating, communicating, delivering, exchanging offerings that have value for customers, clients, partners & society.
Marketing
What are the Core Marketing Concepts
- Needs, Wants, Demands
- Products and Services
- Value, Satisfaction, Quality
- Exchange Transactions
- Market
WHAT MOTIVATES THE CONSUMERS TO TAKE ACTION?
Needs, Wants, Demands
Maslow’s Hierarchy of Needs?
Self actualization
Esteem
Love and belonging
Safety needs
Physiological needs
5 CLASSIFICATION OF NEEDS
Stated Needs - i need a cp
Real Needs - i need this for ….
Unstated needs - expectation
delight needs - surpasses expectations ex there’s freebies
Secret needs - emotions
WHAT WILL SATISFY CONSUMER’S NEEDS & WANTS?
Products and Services
How do consumers choose among products and services?
Value, Satisfaction and Quality
Depends on the product’s perceived performance in delivering value relative to a buyer’s expectations.
Customer Satisfaction
the actual reality of the mind in consumers.
Perception
Want-satisfying power of a good or service.
Utility
4 Types of Utility
Form
Place
Time
Possession
HOW DO CONSUMERS OBTAIN PRODUCTS AND SERVICES?
- Exchanges
- Transactions
- Relationships
Who purchases products and services?
Market
- Actual buyers
- Potential buyers
Between the two types of buyers, which one should we invest more?
Actual buyers.
Types of Market
- Physical Market
- Virtual Market
- Auction market
- Consumer Market
- Industrial market
- Black market
- Market for Intermediate Goods.
- Financial Market
Goal of Marketing
To build and maintain long-lasting relationships with customers.
An idea where supply < demand
- The firm will then satisfy the demand by producing more products with the least possible expenses.
Production Orientation
- supply < demand
- produce more products with/ the least possible exp.
Supply < demand with competition
- Produce more and improve the products more
“Building a better mousetrap.”
Product Orientation
- With competition, improve products more.
