1. Introduction to marketing Flashcards
WHAT IS MARKETING?
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and offering exchanges that have value for customers, clients, partners and society at large.
WHATT IS MARKETING MANAGEMENT?
The art and science of selling target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
WHAT IS A MARKET?
A collection of buyers and sellers who transact over a particular product of product class.
WHAT IS THE NATUURE OF MARKETIING?
- Economic process
- Dynamic process
- Function of search
- Satisfaction of consumer demand
- Corporate social responsibility
WHAT IS THE SCOPE OF MARKETING?
- Market Research
- Pricing
- Advertisement and sales promotion
- Channels of Distribution
- After sales service
WHAT ARE THE FNCTIONS OF MARKETING?
- Gathering and analysing market information
- Product design and development
- Standardisatiton and grading
- Branding
- Customer support and services
WHAT IS THE IMPORTANCE OF MARKETING?
- Promotes awareness among public
- Helps in boosting sales
- Builds reputation of the company
- Aids in fostering healthhy competition
- Improves standard of living of people
WHAT IS PRODUCTION CONCEPT?
- aims at achieving the highest possible output through efficient production, low cost, and mass distribution
- consumer prefers products readily available and inexpensive
- supply creates its own demand and marketing wasnt competitive
- applicable in unsaturated markets and developing countries
WHAT IS PRODUCT CONCEPT?
- customers favor those products which offer most quality performance and innovative features
- marketers can get too focused on improving product quality to lure customers, often falling prey to better mousetrap fallacy
- they should not forget that a product may not be successful unless it is priced, promoted and distributed properly
- destination marketing firms have a mistaken belief that a better brand will attract more customers solely based o its own promotional efforts
WHAT IS MARKETING MYOPIA?
- introduced by theodore levitt suggests that business will do better in the end if they focus on meeting customer needs rather than simply selling products
- single minded focus on selling, ignoring customer
- overly narrow definition of consumer and their needs
- failure to recognize changed societal context
WHAT IS SELLING CONCEPT?
- consumers will not buy the product in sufficient quantity unless aggressively pressurized.
- practiced most aggressively with unsought goods(encyclopedia, insurance) or when company is overburdend with capacity
- aim is to sell what they make rather than what customers want
WHAT IS MARKETING CONCEPT?
- customer-centric ‘sense and respond’ philosophy
- goal is to find the right product for the customer
- reactive market orientation (expressed needs)
- proactive market orientation (latent needs)
WHAT IS HOLISTIC MARKETING CONCEPT?
- Based on the development, design, and implementation of marketing activities, programs, and processes that recognize its scope and interdependencies.
- it recognizes that everything matters and that a broad integrated perspective is necessary
- holistic marketing attempts to recognize and reconcile the scope and complexities of marketing activities
- includes integrated, internal, performance and relationship marketing
WHAT IS INTERNAL MARKETING?
the task of hiring, training and motivating employees that want to serve customers well. it ensures that everyone in the organisation embrace apt marketing principles especially senior management.
senior department, marketing departmrnt and all other departments
WHAT IS INTEGRATED MARKETING?
marketers’ task is to devise marketing activites (product, price, place, promotion) and assemble fully integrated marketing programs by creating, communicating and delivering value to customers
communication channel, product and services
