Unit 5: Marketing Flashcards
What is marketing according to the social definition?
Marketing is societal process by which individuals or groups obtain what they need and want through creating, offering, exchanging products and services of value freely with others
What is marketing according to the American Marketing Association?
Marketing (management) is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals
What is marketed?
Marketing people are involved in marketing 10 types of entities: goods, services, experiences, events, persons, places, properties, organizations, information, and ideas
What is marketing network?
It consists of the company and its supporting stakeholders (customers, employees, suppliers, distributors, retailers, ad agencies, university scientists, and others) with whom it has built mutually profitable business relationships.
What is the operating principle of marketing network?
build an effective network of relationships with key stakeholders, and profits will follow
What is the marketplace?
The marketplace is physical, such as a store you shop in
What is market?
Market is condition that permits buyers and sellers work together
Marketspace
Marketspace is digital, as when you shop on the Internet
What are core marketing concepts?
(1) Needs, Wants, and Demands
(2) Market Segmentation
(3) Brands and Trademarks
(4) Value and Satisfaction
(5) Marketing Channels
What are needs and wants in marketing concepts?
Needs are the basic human requirements.
People need air, food, water, clothing, and shelter to survive.
People also have strong needs for recreation, education, and entertainment.
These needs become wants when they are directed to specific objects that might satisfy the need
What are demands in marketing concept?
Demands are wants for specific products backed by an ability to pay.
Companies must measure not only how many people want their product, but also how many would actually be willing and able to buy it
What are 4 basic methods for segmenting a market?
(1) Product-related: comfort, safety, luxury, good value-for-money, convenience, durability
(2) Demographic: age, gender, education, family life cycle, income
(3) Psychographic: attitudes, lifestyle, opinions, values, self-image
(4) Geographical: region, postcode
What is a brand?
Brand is a name, symbol or design (or some combination) that identify a product
What is a trademark?
Trademark is a name or symbol that cannot be used by another producer
Which stages does brand loyalty pass through?
(1) Brand awareness
(2) Brand reference
(3) Brand insistence
What is value in marketing concept?
Value reflects the sum of the perceived tangible and intangible benefits and costs to customers. It’s primarily a combination of quality, service, and price called the “customer value triad”
What is the satisfaction in marketing concept?
Satisfaction reflects a person’s judgments of a product’s perceived performance in relationship to expectations.
If the performance falls short of expectations, the customer is dissatisfied and?
disappointed
If the performance matches expectations, the customer is?
satisfied
If the performance exceeds expectations, the customer is?
delighted
What are communication channels?
Communication channels deliver and receive messages from target buyers and include newspapers, magazine, radio, television, mail, telephone, billboards, posters, fliers, CDs
What are 3 marketing channels?
(1) communication channels
(2) distribution channels
(3) service channels
What are distribution channels?
Distribution channels display, sell, or deliver the physical products or service(s) to the buyer or user. They include distributors, wholesalers, retailers, and agents
What are service channels?
Service channels to carry out transactions with potential buyers. Service channels include warehouses, transportation companies, banks, and insurance companies that facilitate transactions
