week1 Flashcards
What is marketing
marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others
what is marketed
- experience
- events
- properties
- organization
- information
- ideas
- persons
- goods
- places
who markets
marketers market to prospects (potential customers)
what some potential responds that markets hoping to receive from a prospect
- attention
- purchase
- donation
- vote
key markets
- global markets
- consumer markets
- business markets
- government markets
what is needs, wants and demands
need= something necessary to live and function (eg. food, clothing, shelter)
wants= something that can improve people’s life but not essential for survival (eg. luxury good, entertainment)
demands= both desire and ability for customer to pay a certain price for a product/service at a given point in time.
what is consumers, customers, and clients
consumers- target markets, if parents buy toys for child, the child is the consumer
customer- people who actually buy it
clients- someone who receives personalized services, often a long-term basis
what is target market
group of consumers with similar demographics who have been idendifies as potential buyer of a product or service
what is positioning
how product is positioned in customer’s mind
what is segmentation
dividing a customer market into subgroups based on shared characterisitics
what is offering
the value which a product and service may bring a cutomer
what is brand
is the identity of a company, and how it distinguishes itself from other company
what is value and satisfaction
benefits provided by a product or services, and the sense of self-satisfaction, or grantification it may bring
what is marketing channels
the different methods used to markets a product (eg. social media, email marketing, in-store flyers)
what is supplychain
the process for a product to be produced and distributed
