Unit 1: Marketing Principles Flashcards
What is the role of Marketing or Marketing Management within an organization?
To understand customers, their wants and needs, and develop products and services to satisfy these needs.
Why is the understanding of customers’ wants and needs crucial for the long-term success of an organization?
Allows them to devise strategies and plans to maximize the attractiveness of their products and services in the marketplace.
What is the primary objective of successful companies regarding their products and services?
To continually adjust and organize their products and services to meet their customers’ ever-changing needs and wants, while also competing with other companies.
According to Philip Kotler, what are the four pillars of the marketing concept?
- Target market
- Customer needs
- Integrated marketing
- Profitability.
How would you describe the marketing process in terms of creating value for customers and satisfying their needs?
An endless series of actions and reactions between customers and companies attempting to meet customer requirements.
What are the four main steps involved in the marketing process?
- Situation analysis
- Marketing objectives
- Marketing strategy
- Implementation and control
How does situational analysis contribute to identifying opportunities and unfulfilled customer needs?
By examining -
1. The organization’s capabilities
2. The market environment
3. Understanding the surroundings in which the organization operates.
What are some examples of marketing objectives that a marketer may set for an organization?
- Increased sales
- higher public profile
- the development of a new product.
How does a marketing strategy differ from marketing objectives, and what does it involve?
Marketing objectives are the goals set by marketers, such as increased sales or product development, while a marketing strategy involves developing a strategic plan to pursue identified marketing options and making elaborate tactical decisions for the marketing mix.
What is the final step of the marketing process, and what does it aim to achieve?
Implementation and control, which aims to execute the marketing plan and monitor outputs to adjust the marketing mix according to market changes
What is the marketer primarily interested in concerning the organization, its customers, and suppliers?
The marketer is primarily interested in the interactions between the organization, its customers, and suppliers, based on the process of exchange.
What is the basis of the relationship between customers and the organization, and how does it continue?
The relationship between customers and the organization is based on the customer’s willingness to pay for a product or service in exchange for receiving a benefit superior to competitors. This relationship continues as long as the perceived benefit outweighs the cost.
How do marketers aim to maintain and improve customer relationships?
Marketers aim to maintain and improve customer relationships through customer loyalty, offering a wider range of products, and encouraging customers to spend more on each product.
What are the two key objectives of marketers?
- Keeping and improving the relationship with existing customers.
- Attracting new customers to increase the customer base.
What are the three elements classified as ‘Factors of Product,’ and who provides them to organizations?
The three elements classified as ‘Factors of Product’ are finance, people, and physical resources. Suppliers provide these elements to organizations.
How does the success of the marketer’s relationship with customers impact the organization’s relationship with suppliers?
The success of the marketer’s relationship with customers has a profound impact on the organization’s relationship with its suppliers.
According to Gronroos (2010), how does he define marketing?
According to Gronroos (2010), marketing is “to establish, maintain and enhance relationships with customers and other partners, at a profit, so that the objectives of the parties involved are met. This is achieved by mutual exchange and fulfillment of promises.”