W1 Introduction to the Market Flashcards
What is marketing?
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large.
What is a need?
A state of self deprivation
What is a want?
An object that will satisfy the needs shaped by culture and personality
What is a demand?
A human want that is backed by buying power
What is a market?
Actual and potential buyers that share a particular want/need that can be satisfied through exchange relationships
What is an exchange?
The act of obtaining a desired object from someone by offering something in return
What is a transaction?
A trade between two parties that involves at least two things of value, agreed upon conditions, and a time and place of agreement
What is perceived value?
A customer’s evalaution of the difference between all the benefits and costs of a marketing offer, in relation to those of competing offers
What is customer value?
Perceived benefit less perceived sacrifice
What is satisfaction?
The extent to which a product’s perceived performance matches a buyer’s expectations
How can customer delight be achieved?
By delivering more than promised
What is quality?
Characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
What is a market offering?
A product that is some combination of goods, services and experiences that can be offered to a market to satisfy a need or want
What form can market offerings take?
Goods, services/experiences, places, organisations, information, and ideas
What are the two steps in the marketing process?
- Understand the marketplace and your customers (target market)
- How can we most effectively serve customers (value proposition)
What are the five steps in the marketing process?
- Understand marketplace & customers
- Develop a customer driven marketing strategy
- Deliver high customer value
- Grow profitable customer relations
- Capture value from customers
What are the two reasons frims/nfp organisations need to engage in de-marketing?
Permanently: to discourage anti-social behaviours
Temporarily: to cope with peak demand periods & overfull demand
What is the extended marketing mix?
- Product
- Price
- People
- Placement logistics
- Promotion
- Process
- Physical evidence
What are the 8 contributions to the changing marketing landscape?
- Information revolution
- Uncertain world economy
- Artificial inteligence
- Rapid globalisation
- Sustainable marketing
- Corporate social responsibility
- Data-Driven decision making
- Health & well-being
What are the 12 marketing trends
- SEO (search engine optimisation)
- Content creation
- Short form content
- Influencers/micro-influencers
- Brand value alignment with consumers expectations
- Leveraging AI
- Customer-centric experiences
- Virtual & augmented reality
- Podcasts & other audio content
- Data & audience insights will drive decisions
- Rise of user-generated content
- Multi-channel marketing integration
What are the sustainable development goals
Include
1. No poverty
2. Zero hunger
3. Good health and wellbeing
4. quality education
5. Gender equality
6. Clean water & sanitation
7. Affordable & clean energy
8. Decent work & economic growth
9. Industry innovation and infrastructure
10. reduced inequalities
11. sustainable cities & communities
12. responsible consumption & production
13. climate action
14. life below water
15. life on land
16. peace, justice, & strong institutions
17. partnerships for the goals
What 6 factors comprise the micro environment?
- the company - top management, operations, finance, accounting, R&D (research&development), purchasing etc
- suppliers
- marketing intermediaries - businesses that help company promote, sell and distribute products
- customers
- competitors
- publics - group that has an actual/potential interest in or impact on an organisations ability to achieve objective eg. general public, citizen actions groups & media
What is the macro environment?
- Demographic forces
- Economic forces
- Natural forces
- Technological forces
- Political forces
- Cultural forces
What is a reactive approach to responding to the marketing environment?
Assumptions: The environment is largely uncontrollable
Strategies: Research, understand, react & adapt
What is a proactive way of responding to the marketing environment?
Assumptions: The environment is partially controllable
Strategies: hire lobbyists to influence legislation affecting their industries, stage media events to gain favourable press coverage/run advertorials to shape public opinion
Instigate legal actions & regulatory complaints to keep competitors in line, form contractual agreements to better control their distribution channels
