Module 1 Flashcards
Marketing’s Value to Consumers, Firms, and Society
Marketing plays a big part in _____ and _____.
economic growth, development
marketing encourages ____ and ____
research, innovation
A process by which companies create value for customers and build strong customer relationships to capture value from customers in return
Marketing
the aim of marketing is ____
to identify customers’ needs and meet them so well that the product almost “sells itself.”
Set of actual and potential buyers of a product
Markets
_____ plays a vital role in economic growth in the present global world.
Marketing
an organization aims all of its efforts at satisfying it’s customers at a profit.
marketing concept
Three basic ideas are included in the definition of the marketing concept:
(1) Customer satisfaction
(2) A total company effort,
(3) Profit—not just sales—as an objective.
Economic Systems:
Command Economy
Market-Directed Economy
Government officials decide about production and distribution.
May work well if:
* Simple economy
* Little variety
* Adverse conditions
Command Economy
- Adjusts itself
- Price is value measure
- Freedom of choice
- Government’s role limited
- Public interest groups
Market-Directed Economy
Marketing’s Role Has Changed a Lot Over the Years:
Simple Trade Era
Production Era
Sales Era
Marketing Department Era
Marketing Company Era
Focus: Sell Surplus
Simple Trade Era
Focus: Increase Supply
Production Era
Focus: Beat Competition
Sales Era
