Week 1 (Chapter 1) Flashcards
Negative Demand
Consumers dislike the product and may pay to avoid it
Nonexistent Demand
Consumers may be unaware of or disinterested in the product
Latent Demand
Consumers may share a strong need that cannot be satisfied by an existing product
Declining Demand
Consumers begin to buy the product less frequently or not at all
Irregular Demand
Consumer purchases vary on a seasonal, monthly, weekly, daily or hourly basis
Full Demand
Consumers are adequately buying all products put into the marketplace
Overfull Demand
More consumers would like to buy the product than can be satisfied
Unwholesome Demand
Consumers may be attracted to products that have undesirable social consequences
Stated Needs
What the customer says they want
Real Needs
The customer wants a car whose operating cost, not initial price, is low
Unstated Needs
The customer expects good service from the dealer
Delight Needs
The customer would like the dealer to include an onboard GPS navigation system
Secret Needs
The customer wants friends to see him or her as a savvy consumer
The Production Concept
Consumers prefer products that are widely available an inexpensive
The Product Concept
Consumers favor products offering the most quality performance or innovative features
The Selling Concept
Consumers and businesses, if left alone, won’t buy enough of the organization’s products
The Marketing Concept
Don’t find the right customers for your products, find the right products for your customers
The Holistic Marketing Concept
Everything matters: Development, design, implementation of marketing programs, processes and activities
Marketing (definition)
Identifying and meeting human social needs profitably
Marketing Management (definition)
Art and science of choosing target markets and getting, keeping, and groing customers through creating, delivering and communication superior customer value
What is marketed? (10 entities)
- Goods
- Services
- Events
- Experiences
- Persons
- Places
- Properties
- Organizations
- Information
- Ideas
Key Customer Markets
- Consumer Markets
- Business Markets
- Global Markets
- Nonprofit / Government
Core Concepts of Marketing
- Needs, wants and demands
- Targeting, positioning, segmentation
- Offering and brands
- Value and satisfaction
- Marketing channels
- Supply chain
- Competition
- Marketing environment
- Marketing planning
Marketing Channels
- Communication
- Distribution
- Service
Marketing Environment
- Demographic
- Economic
- Socio-cultural
- Natural
- Technological
- Political / Legal
Major Societal Forces
- Network information technology
- Globalization
- Deregulation
- Privatization
- Heightened competition
- Industry convergence
- Retail transformation
- Disintermediation
- Consumer buying power
- Consumer participation
- Consumer resistance
Company Orientations
- Production
- Product
- Selling
- Marketing
Relationship Marketing
- Customers
- Employees
- Marketing Partners
- Financial Community
Internal Marketing
The task of hiring, training, and motivating able employees who want to serve customers well
Performance Marketing
- Financial accountability
- Social responsibility marketing
Types of Corporate Social Initiatives
- Corporate social marketing
- Cause marketing
- Cause-related marketing
- Corporate philanthropy
- Corporate community involvement
- Socially responsible business practices
New 4 P’s
- People
- Processes
- Programs
- Performance
Marketing Management Tasks
- Develop market strategies and plans
- Capture marketing insights
- Connect with customers
- Build strong brands
- Shape market offerings
- Deliver value
- Communicate value
- Create long-term growth
