MARKETING Flashcards
The activity of institutions, and processes of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
MARKETING
States of felt deprivation and is something that a person must have in order to live and survive.
NEEDS
Something that a person desires to have.
WANTS
Human wants that are supported by buying power.
DEMANDS
Anything that can be offered to a market to satisfy a need or want.
PRODUCT
Is the act of obtaining a desired object from someone by offering something in return.
EXCHANGE
A trade between two parties that involves at least two things of value, agreed-upon conditions, a time of agreement, and a place of agreement.
TRANSACTION
Is the process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.
RELATIONSHIP MARKETING
Composed of people with both desire and ability to buy a product or service.
MARKET
What are the five core concepts of marketing?
- NEEDS, WANTS, DEMANDS
- PRODUCTS AND SERVICES
- VALUE, SATISFACTION, QUALITY
- EXCHANGE, TRANSACTIONS, RELATIONSHIPS
- MARKETS
States of felt deprivation, part of human makeup.
NEEDS
2 Types of Needs
PHYSICAL NEEDS AND SOCIAL NEEDS
- The form needs take (e.g. food => hamburger)
- Shaped by culture and personality
WANTS
When wants are backed by buying power
DEMANDS
– Anything that can be offered to satisfy a need or a want.
- Physical products, services, experiences, persons, places, organizations, information, ideas
PRODUCTS
Just one kind of a product
SERVICES
- Difference between “____ gained by owning and using a product” and “cost of obtaining the product”
- gained not necessarily monetary
- Similarly, cost of obtaining not necessarily monetary
CUSTOMER VALUE
– Perceived performance relative to expectations
CUSTOMER SATISFACTION
– Closely related to satisfaction
– no defects, ability to satisfy customer needs
QUALITY
- Obtaining a desired object from someone by offering something in return
EXCHANGE
- A trade of values between two parties
– Monetary transactions and barter transactions
TRANSACTION
- Going beyond short-term transactions
– Long-term relationships with valued customers, partners, etc
RELATIONSHIP (MARKETING)
Company and all its supporting stakeholders
MARKETING NETWORK
- Place (virtual or physical) where buyers and sellers meet
– The set/place of actual and potential buyers of a product
MARKET
The sellers of a product is labeled as the ____.
INDUSTRY
According to ________, marketing people are involved with ten types of entities.
PHILIP KOTLER
What are the 10 types of entities?
- GOODS
- SERVICES
- EVENTS
- EXPERIENCES
- PERSONS
- PLACES
- PROPERTIES
- ORGANIZATION
- INFORMATION
- IDEA
Constitute the major part of a country’s production and marketing effort. Companies market billions of food products, and millions of cars, refrigerators, television and machines.
GOODS
Include the work of airlines, hotels, car rental firms, beauticians, software programmers, management consultants, and so on.
SERVICES
Can be trade shows, company anniversaries, entertainment award shows, local festivals, health camps, and so on.
EVENTS
By offering a mix of both goods and services. A product is promoted not only by communicating features but also by giving unique and interesting _______ to customers.
EXPERIENCES
Due to a rise in testimonial advertising, celebrity marketing has become a business. All popular personalities such as film stars, TV artists, and sportspersons have agents and personal managers.
PERSONS
Cities, states, regions, and countries compete to attract tourists.
PLACES
- Can be categorized as real or financial _____.
- Are bought and sold through marketing.
PROPERTIES
Actively work to build image in the minds of their target public. Marketers of the services need to build the corporate image, as exchange of services does not result in the ownership of anything.
ORGANIZATIONS
Can be produced and marketed as a product. Educational institutions, encyclopedias, non-fiction books, specialized magazines and newspapers market information.
INFORMATION
- Every market offering includes a basic ___.
- Products and services are used as platforms for delivering some ____ or benefit.
- Social marketers widely promote ____.
IDEA
A department of management that tries to design strategies that will build profitable relationships with target consumers.
MARKETING
- Consumers will favor products that are available and highly affordable.
PRODUCTION CONCEPT
- Proposes that customers, be individual or organizations will not buy enough of the organization’s products unless they are persuaded to do so through selling effort.
SELLING CONCEPT
The management focuses on creating sales transactions rather than on building long-term, profitable customer relationships.
SELLING CONCEPT
- Companies adopting this orientation run a major risk of focusing too narrowly on their operations and losing sight of the real objective.
PRODUCTION CONCEPT
Assumes that customers prefer products that offer high quality. It is focus on continuously improving the products’ features through innovations.
PRODUCT CONCEPT
Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
MARKETING CONCEPT
- Here marketing management takes a “customer first” approach.
- Customer focus and value are the routes to achieve sales and profits.
MARKETING CONCEPT
The goal of _______is to create strong, even emotional, customer connections to a brand that can lead to ongoing business, free word-of-mouth promotion and information from customers that can generate leads.
RELATIONSHIP CONCEPT/MARKETING
Focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales.
RELATIONSHIP CONCEPT/MARKETING
Marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and society’s well-being
SOCIETAL MARKETING CONCEPT
The_______ puts Human welfare on top before profits and satisfying the wants.
SOCIETAL MARKETING CONCEPT
What are the different concepts of marketing?
- PRODUCTION CONCEPT
- SELLING CONCEPT
- PRODUCT CONCEPT
- MARKETING CONCEPT
- RELATIONSHIP CONCEPT/MARKETING
- SOCIETAL MARKETING CONCEPT
