Marketing And Its Role In Society Flashcards
Place marketing
Marketing efforts to attract people and organizations to a particular geographical area
Marketing
The process of creating value for customers and building relationships with those customers in order to capture value back from them
Cause-related marketing
Identification and marketing of a social issue, cause, or idea to selected target markets
Needs
Differences between a person’s actual stats and his or her ideal state; they provide the basic motivation to make a purchase
Wants
Specific goods, services, experiences, or other entities that are desirable in light of a person’s experiences, culture, and personality
Role of marketing in society
Helps people satisfy their needs and wants and help organizations determine what to produce
Exchange process
The act of obtaining a desired object or service from another party by offering something of value in return
Transaction
An exchange of value between parties
Utility
The power of a good or service to satisfy a human need
The four utilities
Form utility
Time utility
Place utility
Possession utility
Form utility
When organizations change raw materials into finished goods
Time utility
When products are available WHEN customers want to buy them
Place utility
When products are available WHERE customers want to buy them
Possession utility
The satisfaction buyers get when they actually possess a product, both legally and physically
Advertising laws and ethics
Marketing/sales messages must be truthful and non deceptive
Must back claims with evidence
“Bait and switch” advertising is illegal
Marketing aimed at children is subject to special rules
Marketing/sales messages considered binding contracts in many states
Usually can’t use person’s name, photograph, or other identity without permission
