Test 1, chapters 1, 2 & 6 Flashcards
What is marketing?
- Marketing is engaging customers and managing profitable customer relationships
- Marketing is “satisfying” customers needs
5 core customer & marketplace concepts:
- Needs, wants and demands
- Market offerings (products, services, and experiences)
- value and satisfaction
- exchanges and relationships
- markets
What is a need?
state of felt deprivation
What is a want?
the form human needs take as they are shaped by culture & individual personalities
What is a demand?
Given their wants & resources, people demand products and services with benefits that add up to the most value and satistfacton
Market offerings
Some combination of products, services, information or experiences offered to a market to satisfy a need or a want
Market offerings include:
products AND services, activities or benefits
market offerings also include other entities such as a persons places, organizational information and ideas
Marketing Myopia is defined as:
The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
Exchange:
the act of obtaining a desired object from someone by offering something in return
Market:
the set of actual and potential buyers of a product or service
Marketing Management:
the art and science of choosing target markets and building profitable relationships with them
The 5 alternative concepts under which organizations design and carry out their marketing strategies:
- the production
- product
- selling
- marketing
- societal marketing concepts
Traditional forms of marketing:
- making a sale
- abundance of products in the nearby shopping centers
- televisions, magazine and direct-mail ads
Contemporary forms of marketing:
- Satisfy customer needs
- imaginative websites and mobile phone apps, blogs, online videos
- Reach customers directly, personally, and interactively
Value + Satisfaction = ?
Customer relationship
The 5 Marketing management concepts
- production concept
- product concept
- selling concept
- marketing concept
- societal marketing concept
Strategic Planning:
Your plan for reaching a goal or plan to reach consumers
Mission statement:
- states organizations purpose
- serves as an organizations guide
- satisfies consumer needs
Steps in business or product portfolio:
- analyze current business portfolio
2. develop strategies for future growth and downsizing
Planning market:
- provides a guiding philosophy
- offers inputs to strategic planners
Marketing segmentation:
dividing a market into different groups of buyers
Market segment:
grouping consumers
Market targeting:
deciding who they want to market to
The 4 P’s of marketing:
- product
- price
- place
- promotion
