Chapter 1 Flashcards
Marketing
The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.
To serve both buyers and sellers, marketing seeks
To discover the needs and wants of potential customers.
To satisfy them.
Four factors required for marketing to occur:
Two or more parties with unsatisfied needs.
A desire and ability on their part to be satisfied.
A way for the parties to communicate.
Something to exchange.
Who buys and uses what is marketed?
Both individuals and organizations buy and use goods and services that are marketed.
Ultimate consumers
People who use the goods and services purchased for a household.
Organizational buyers
units, such as manufacturers, retailers, or government agencies, that buy goods and services for their own use or for resale.
Who benefits?: Three groups benefit from effective marketing:
- consumers who buy,
- organizations that sell,
- and society as a whole.
Marketing Mix: The four P’s
Product: a good, service, or idea to satisfy the consumer’s needs.
Price: what is exchanged for the product.
Promotion: a means of communication between the seller and buyer.
Place: a means of getting the product into the consumer’s hands.
Production Era:
Sales Era:
Marketing Concept Era:
Market Orientation Era:
Customer Experience Management Era:
Social Media Marketing Era:
goods were scarce in the early years in North America, so buyers were willing to accept virtually any goods that were produced.
many firms discovered that they could produce more goods than their regular buyers could consume
marketing became the motivating force among many firms.
there was a transition from the marketing concept era to the market orientation era.
CRM initiatives are suffering because the focus has been on getting CRM technology in place while neglecting how to build customer relationships.
experts are suggesting we are in the midst of a new era: the social media marketing era.
Customer relationship management (CRM):
the process of building and developing long-term relationships with customers by delivering customer value and satisfaction.
Customer lifetime value (CLV):
the profit generated by the customer’s purchase of an organization’s product or service over the customer’s lifetime.
Ethics:
the moral principles and values that govern the actions and decisions of an individual or group.
Macromarketing:
Micromarketing:
the aggregate flow of a nation’s goods and services to benefit society.
how an individual organization directs its marketing activities and allocates its resources to benefit its customers.
