mm mod 1 Flashcards
is a societal process by which individuals and
groups obtain what they need and want through creating,
offering and exchanging products and services of value freely
with others.
Marketing
The art and science of choosing
target markets and getting, keeping and growing customers
through creating, delivering, and communicating superior
customer value.
Marketing Management
process of planning and executing the conception,
pricing, promotion, and distribution of ideas, goods,
services to create exchanges that satisfy individual and
organizational goals.
Marketing Management
can be identified by
examining demographic, psychographic, and
behavioral differences among buyers.
Market Segments
Physical (shopping in a store)
Marketplace
Digital (shopping on the internet)
Marketspace
cluster of complementary goods and services
that are closely related in the minds of consumers but are
spread across a diverse set of industries.
Metamarket
Someone who is seeking a response from another
party, called the prospect.
Marketer
Basic human requirements.
needs
Shaped by one’s society.
wants
Wants for specific products backed by the
ability to pay.
demands
A set of benefits companies’ offer to
customers to satisfy their needs.
Value Proposition
Can be a combination of products, services,
information and experiences.
Offering
An offering from a known source.
brand
a combination of quality, service and price, called
the CUSTOMER VALUE TRIAD.
value
The core concept of marketing, the process
of obtaining a desired product from someone by offering
something in return
exchange
A trade of values between two or more
parties, involving at least two things of value,
agreed-upon conditions, a time of agreement, and a place
of agreement.
transaction
Aims to build long-term
mutually satisfying relations with key parties –
customers, suppliers, distributors – in order to earn and
retain their long-term preference and business.
Relationship Marketing
To reach a target market, the marketer uses three
(3) kinds of marketing channels.
marketing channels
(3) kinds of marketing channels.
1.)Communication Channels
2.)Distribution Channels
3.)Service Channels
Describes a longer channel stretching
from raw materials to components to final products that
are carried to final buyers.
supply chain
Includes all of the actual and potential
rival offerings and substitutes that a buyer might
consider
competition
The overall marketing
environment consists of: TASK ENVIRONMENT and
BROAD ENVIRONMENT.
Marketing Environment
immediate actors. examples companies, suppliers, agents, target market
task environment
pest political, economic, society and technological. external, highly controllable
broad environment
Also called marketing mix is the
set of marketing tools that the firm uses to pursue its
marketing objectives in the target market.
marketing program
is the conscious effort
to achieve desired exchange outcomes with
target markets.
Marketing Management
One of the oldest in business, holds that
consumers prefer products that are widely available and inexpensive.
This is also used a company wants to expand the market.
Production Concept
Holds that consumers favor those products
that offer the most quality, performance, or innovative features.
product concept
This concept assumes that consumers must
be coaxed into buying, so the company has a battery of selling and
promotion tools to stimulate buying.
Selling Concept
the aim is to sell what the company makes rather than make
what the market wants.
selling concept
It holds that the key to achieving organizational
goals consists of the company being more effective than competitors in
creating, delivering, and communicating customer value to its chosen target
markets.
marketing concept
marketing concept rests on four pillars:
TARGET MARKET, CUSTOMER
NEEDS, INTEGRATED MARKETING and PROFITABILITY.
The purpose is to achieve profitable growth
through capturing a larger share of each customer’s expenditures, building high
customer loyalty, and focusing on customer lifetime value.
The Customer Concept
Holds that the organization’s task is to
determine the needs, wants and interests of target market and to deliver the
desired satisfaction more effectively and efficiently than competitors in a way
that preserves or enhances the consumer’s and the society’s well-being.
The Societal marketing Concept
Types of Entities Marketing People are involved:
1.) Goods 6.) Places
2.) Services 7.) Properties
3.) Experiences 8.) Organizations
4.) Events 9.) Information
5.) Persons 10.) Ideas
4 Markets:
1.) Consumer Markets
2.) Business Markets
3.) Global Markets
4.) Nonprofit and governmental Markets
4 Levels of Competition:
1.) Brand Competition
2.) Industry Competition
3.) Form Competition
4.) Generic Competition
5 Types of Needs:
1.) Stated Needs
2.) Real Needs
3.) Unstated Needs
4.) Delight Needs
5.) Secret Needs
