Chapter 1 Flashcards
The definition of Marketing?
The process of creating, distributing, promoting, pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment
The definition of Customers?
The purchasers of organizations’ products; the focal point of all marketing activities
The definition of Target market?
A specific group of customers on whom an organization focuses its marketing efforts
What are the Components of Strategic Marketing?
1 - Customers
2 - Price
3 - Promotion
4 - Product
5 - Distributing
6 - Economical Forces
7 - Political Forces
8 - Sociocultural Forces
9 - Legal and Regulatory Forces
10 - Technological Forces
11 - Competitive Forces
What does Marketing involves?
1 - Developing and managing a product that will satisfy customer needs
2 - Pricing the product at an acceptable level for buyers
3 - Making the product available in the right place
what are the Marketing mix?
Four marketing activities—product, price, distribution, and promotion—that a firm can control to meet the needs of customers within its target market
What are the Marketers must?
1 - Develop a marketing mix that matches the needs of customers in the target market
2 - Constantly monitor the competition and adapt their products, distribution decisions, promotion, and pricing to foster long-term success
3 - Collect in-depth, up-to-date information about customer needs
What is the definition of Product?
Definition: A good, a service, or an idea
Good: A physical entity that you can touch
Service: The application of human and mechanical efforts to people or objects to provide intangible benefits to customers
Idea: A concept, a philosophy, an image, or an issue
What does The product variable involves?
1 - creating or modifying brand names and packaging
2 - decisions regarding warranty and repair services
What does The price variable relates to?
The price variable relates to decisions and actions associated with pricing objectives and policies and actual product prices
Distribution role?
1 - Products must be available at the right time and in appropriate locations.
2 - A marketing manager makes products available in the quantities desired to as many target-market customers as possible while minimizing these three costs:
- Inventory
- Transportation
- Storage
3 - The advent of the internet and electronic commerce has dramatically influenced the distribution variable.
What does The Promotion variable relates to?
The promotion variable relates to activities used to inform and persuade to create a desired response.
Promotion can?
1 - Inform customers about product features
2 - Help to sustain interest in established products
3 - Urge people to take a particular stance on a political or social issue
The definition of Value?
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product
Customer benefits include?
anything a buyer receives in an exchange
Customer costs include?
anything a buyer must give up to obtain the benefits the product provides, including cost, time, effort, and risk
A product that demonstrates value has a feature/enhancement that provides benefits:
1 - Lowest price
2 - Convenience
3 - Availability
The definition of Exchanges?
The provision or transfer of goods, services, or ideas in return for something of value
Four conditions must exist for an Exchange to happen?
1 - Two or more individuals, groups, or organizations must participate, and each must possess something of value that the other party desires
2 - The exchange should provide a benefit or satisfaction to both parties involved in the transaction
3 - Each party must have confidence in the promise of the “something of value” held by the other
4 - To build trust, the parties to the exchange must meet expectations
How to maintain an exchange relationship?
1 - Buyers must be satisfied with the good, service, or idea obtained
2 - Sellers must be satisfied with the financial reward or something else of value received
The definition of Stakeholders?
Constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes
The definition of Marketing environment?
The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix
These forces affect a marketer’s ability to facilitate value-driven exchanges in Three general ways?
1 - Customer Influence
2 - Marketing Activity Determinations
3 - Marketing Manager Decisions and Actions
The definition of Marketing concept?
A managerial philosophy that an organization should try to satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals
