CH1 Flashcards
(21 cards)
role of marketing
focus on customer needs and generate revenue for an organization
4 Ps of marketing mix
price, product, place, promotion
steps in marketing process
- identify consumer needs
- manage marketing mix to meet the needs
- realize the revenue
need vs want
need: things required to survive
want: human desires
customer value
fulfills a customer’s wants and needs
exchange
obtaining a desired object from someone for something in return
market offerings
- goods
- service
- idea
evolution in marketing
- product orientation
- sales orientation
- marketing orientation
- customer relationship management
product orientation stage
all efforts on the manufacture of goods
sales orientation stage
sell as many as possible
marketing orientation stage
collect info to create customer value
customer relationship management
create long term links with customers to gain loyalty and retention
new marketing practices
- digital marketing
- real time marketing
- experiential marketing
- partnership marketing
- metrics and analytics
- marketing regulations and ethical considerations
digital marketing
electronics to reach customer
real time marketing
when brands make themselves relevant by creating/joining conversations
experiential marketing
create opportunities for consumers to interact with brands
partnership marketing
partner up with brands
strategic alliance
long term arrangement between companies
metrics
numeric data collected to track performance
analytics
taking metrics to gain insights
marketing regulations/ethical considerations
protect society from businesses
