Test 1 Flashcards
What is Marketing?
Marketing is the process of identifying customer needs, creating value through products or services, and effectively communicating that value to drive demand, build relationships, and achieve business goals.
What are the key benefits of Marketing for businesses and the economy?
Marketing drives financial success by promoting products and services effectively, leading to increased demand and higher revenue. Higher demand creates jobs, contributing to economic growth.
What are the main tasks of Marketing Management?
Marketing management tasks include developing market strategies and plans, capturing marketing insights, connecting with customers, building strong brands, creating value, delivering value, communicating value, and creating successful long-term growth.
What are the four main types of markets?
The four main types of markets are consumer markets, business markets, global markets, and nonprofit & governmental markets.
Define Needs, Wants, and Demands.
Needs are basic human requirements. Wants are specific objects that might satisfy the need. Demands are wants for specific products backed by an ability to pay.
What are the five types of Needs a customer might have?
The five types of needs are stated needs, real needs, unstated needs, delight needs, and secret needs.
What does STP stand for in marketing?
STP stands for Segmenting, Targeting, and Positioning, which are core marketing concepts.
Define Market Segmentation.
Market Segmentation is dividing a broad market into smaller groups based on shared characteristics.
What are some key criteria for effective Market Segmentation?
Effective market segments should be measurable, accessible, substantial, differentiable, and actionable.
Define Target Marketing.
Target Marketing is selecting the most attractive segment to focus your marketing efforts on.
What are some factors to consider when selecting Target Markets?
When selecting target markets, consider their attractiveness, compatibility, and competitiveness.
Define Market Positioning.
Market Positioning is crafting a message that shows how your product uniquely meets the needs of your chosen segment.
What are some key aspects of effective Market Positioning?
Effective positioning should have clarity, consistency, relevance, and differentiation.
What are the 4 Ps of the Marketing Mix?
The 4 Ps of the Marketing Mix are Product, Price, Place, and Promotion.
What are the additional 3 Ps included in the Marketing Mix for service industries?
The additional 3 Ps for service industries are People, Process, and Physical Evidence.
What are the 4 Cs of the Marketing Mix?
The 4 Cs of the Marketing Mix are Customer, Cost, Convenience, and Communication.
What are some of the ‘New Marketing Realities’ mentioned in the text?
The new marketing realities include the impact of technology, globalization, and social responsibility.
What is Holistic Marketing?
Holistic Marketing is an approach that considers the entire business and its various components as a unified entity.
What are the four dimensions of Holistic Marketing?
The four dimensions of Holistic Marketing are Relationship Marketing, Integrated Marketing, Internal Marketing, and Performance Marketing.
What is the Value Delivery Process?
The Value Delivery Process involves choosing the value, providing the value, and communicating the value.
What is the Value Chain?
The Value Chain describes the full range of activities a company performs to create a product or service and deliver it to customers.
What are Core Competencies?
Core Competencies are the unique strengths and abilities that give a company a competitive edge.
What is the difference between a Strategic Marketing Plan and a Tactical Marketing Plan?
A Strategic Marketing Plan identifies target markets and the company’s value proposition, while a Tactical Marketing Plan details specific actions to implement the strategic plan.
What is a Corporate Mission Statement?
A Corporate Mission Statement is the company’s ‘reason for being,’ telling everyone what the company is about.
