Marketing ch.1 Flashcards
Marketing Definition
the activities that develop an offering in order to satisfy a customer need
what is an Exchange
people giving up one thing to receive another thing they would rather have
Customer value?
the relationship between benefits and the sacrifice necessary to obtain those benefits
Market Segments
Market segments are groups of individuals, families, or companies that are placed together because it is believed that they share similar needs
What are the 5 eras of marketing? Describe them
See notes
What did Awake Chocolate do to become successful
They invested a lot in marketing, they based their idea based on the customer’s needs. They found a way to have a product that tasted good and brought energy
Customer satisfaction
customers’ evaluation of a good or service in terms of whether it has met their needs and expectations
Target Market
a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group
Environmental scanning
the process of gathering information about events and their relationships within an organization’s internal and external environments. The basic purpose of environmental scanning is to help management determine the future direction of the organization.
CREST MODEL
external factors (competitive, regulatory, economic, social, technological)
Competitive environment includes?
The competitors of the business (directly and indirectly), as well as the size and number of competitors.
Direct competitors
competitors most closely matching a business’s product offering
Substitutes
competitors whose products satisfy the same need, but in varying ways
New Entrants
competitors who might emerge when barriers to entry in the industry are lowered
Suppliers
business partners, such as materials producers, motivated to charge the highest price to the company to maximize profit
