Chapter 1 Flashcards
core aspects of marketing
- creates value
- about satisfying cutomers needs and wants
- entails exchange
-requires product , price, place, and promotion decisions - can be preformed by both individuals and organizations
occurs in many settings
core concepts of marketers
- needs, wants & demands
- market offerings
-value & satisfaction - exchanges and relationships
- markets
marketing management
the art science of choosing target markets and building profitable relationships with them
- creating, delivering, communicating and exchange of value
the 4 orientations of marketing
- product orientation
- market orientations
- sales orientation
- value-based orientation
target markets
customer segment to whom the firm is interested in selling its products and services
4 P’s of target marketing
- price
- product
- promotion
- place
levels of product (3)
- core benefit - primary beneift
- actual product - brand name, quality level, features, design, packaging
3 augmented product - after sales service, warrsnty, installation , delivery & credit
product mix
refers to the complete set of products and/or services offered by a firm
product line
a group of related products all marketed under a single brand name that is sold by the same company
product category
is a group of similar products that share related characteristics
the role of price in the marketing mix
-usually ranked most important
-most challenging of the 4 Ps
-misunderstood by managers
strategies in pricing (3)
-product costs
-consumer perceptions of values
-competition and other external factors
cost based pricing steps :
- design a good prosucct
- determine product costs
- set price based on cost
- convenience buyers of product value
value based pricing steps :
- assess customer needs and value perceptions
- set target price to match customer perceuved values
- determine costs that can be incurred
- design product to redeliver desired vale at target price
good-value pricing
the right combination of quality and good service
