MARKETING Flashcards
- “_____________is the activity, set of institutions,
and processes for creating, communicating,
delivering, and exchanging offerings that
have value for customers, clients, partners,
and society at large.” - According to?
- Marketing
- American Marketing Association
Key takeaways from definition of Marketing? (4)
1.) Is an organizational function because it is a core task that is expected of a modern
organization, whether or not it operates for profit.
2.) Is a set of processes because there are
essential tasks that have to be engaged in order to produce a viable marketing strategy.
3.) Has the delivering of value to customers.
4.) Has at its heart a give-and-take relationship.
Why study marketing? (5)
- Enables profitable transactions to occur.
- Delivers value
- Benefits society
- Costs money
- Offers people career opportunities
3 GOALS OF MARKETING
1) Acquiring customers
2) Retaining Customers
3) Turning customers into brand ambassadors
The Marketing Process Components?
Strategic Marketing
‒ Customer segmentation
– Target market selection
– Value positioning
Tactical Marketing: Value Deployment
‒ Product design and development
– Product portfolio management
– Service development
– Pricing
– Distribution and logistics
Tactical Marketing: Value Communication
– Sales force strategies
– Sales promotion strategies
– Advertising
A ______ is a state of felt
deprivation about
something that is
deemed to be necessary.
Need
The theory states that the most basic needs (represented as
the lower levels of the pyramid model) must first be met
before the individual can feel a strong desire for the higher
level needs
Maslow’s Hierarchy of Needs Theory
The specific manifestations
of needs.
Wants
These are wants that are backed
by purchasing power.
Demands
The Marketing Process Components - STAGES:
Stage ___: ______________________
_________________ -> a situation wherein the
manufacturers generally have no problems selling whatever they produce.
__________________ -> a mindset characterized by taking advantage of the demand for a particular product by producing as much of the product as possible in order to meet the demand.
Stage 1: Supply < Demand (S less than D)
Seller’s market, ProductION Orientation
The Marketing Process Components - STAGES:
Stage ___: ______________________
______________ –> using sales organizations to push a product directly to the customers.
When this works, it can work for the benefit of all parties. Insurance. On the other hand, when it does not work, it can quickly turn into hard selling.
Stage 3: Supply > Demand (S greater than D)
Sales orientation
The Marketing Process Components - STAGES:
Stage ___: ______________________
_____________ -> a mindset that drives
innovation; improvement in a product, such as quality, features, comfort, design, are undertaken in the hope that the product will speak for itself and that consumers will choose the product based on its merits. Colloquially referred to as “building a better mousetrap”
Stage 2. Supply < Demand, Competition growing
Product orientation
The Marketing Process Components - STAGES:
Stage ___: ______________________
________________ -> a mindset wherein firms
prioritize customer needs more than their own.
This begins with identifying and
understanding a particular target market; then products are designed according to what could best fit the needs of the target market, priced according to their
typical budgets, sold where it is most convenient for them, and promoted in a way that best catches their
attention.
Stage 4. Supply > Demand, Customer-centric Strategies Emerge
Marketing orientation
FILL IN THE BLANKS (The Concept of “___________”):
Marketing is all about fostering ______________________. It is
imperative that the customers feel better off after a transaction
because otherwise they may feel that they should have spent
their money elsewhere, a feeling which will prevent them from
____________________________.
For a marketing-oriented exchanges to be successful, it is
essential that companies know what the market really needs.
Exchange, Positive exchanges, becoming loyal customers.
VALUE ILLUSTRATION:
Creating -> Communicating -> Delivering -> Exchanging -> Value
This is the figure with circles.
