CHAPTER 1 Flashcards
(62 cards)
- A societal process by which individuals and groups
obtain what they need and want through creating,
offering, and freely exchanging goods and services of
value with others. - Set of activities, set of institutions and processes for
creating, communicating, delivering and exchanging
offerings that have value for customers, clients, partners
and society at large. - An organizational function and a set of processes for
creating, communicating, delivering value for customers
and for managing customer relationships in ways that
benefit the organizations and its stakeholders. - The performance of business activities that directs the
flow of goods and services from producer to consumer or
user.
MARKETING ACCORDING TO PHILIP KOTLER
is the study, planning,
implementation and control of programs intended to form,
make and preserve equally beneficial exchanges and
relationships with the target markets for the reason of
reaching organizational objectives.
Generally, marketing management is the process of
planning, executing, and tracking the marketing strategy
of an organization. This includes the marketing plan,
campaigns, strategies and tactics used to create and
meet the demand of target customers to drive profitability
(Dickerson, 2022).
MARKETING MANAGEMENT
The virtual market where transactions are conducted
online
MARKET SPACE
The physical market where goods and services are
traditionally bought and sold.
MARKET PLACE
The group of consumers or organizations that is
interested in the product, has the resources to purchase
the product, and is permitted by the law to acquire the
product.
MARKET
- This is called B2B market that is business to business.
- A market where output of one form goes either as raw
material, or as processed goods, or as consumable
goods into another industry. - Buyers buy goods to resell at some point of time for profit
BUSINESS MARKET
It is also called B2C market that is business to consumer
market.
- It is the end consumers of various merchandise like
products that are purchased by the consumer for their
own or household usage that constitutes the consumer
market.
CONSUMER MARKET
- The purchase is done by institutions, organizations.
- However, it is not for profit making. It is not for reselling
to any third party.
INSTITUTIONAL MARKET
Three types of market
CONSUMER MARKET
BUSINESS MARKET
CONSUMER MARKET
- constitute the bulk of most countries’
production and marketing effort. - Particularly food, commodities, clothing, and housing
GOODS
- Include airlines, hotels, and maintenance and repair
people, as well as professionals such as accountants,
lawyers, engineers, and doctors.
SERVICES
By orchestrating several services and goods, one can
create, stage, and market experiences.
- Enchanted Kingdom is an experience; so is the
SkyRanch.
EXPERIENCE
Marketers promote time-based events, such as the
Olympics, trade shows, sports events, and artistic
performances.
EVENTS
Celebrity marketing has become a major business.
- Artists, musicians, CEOs, physicians, high-profile lawyers
and financiers, and other professionals draw help from
celebrity marketers.
PERSON
include economic development
specialists, real estate agents, commercial banks, local
business associations, and advertising and public
relations agencies.
PLACES
are bought and sold, and this occasions a
marketing effort by real estate agents (for real estate)
and investment companies and banks (for securities)
PROPERTIES
Universities, museums, and performing arts
organizations boost their public images to compete more
successfully for audiences and funds.
- Organizations actively work to build a strong, favorable
image in the mind of their publics.
ORGANIZATION
Among the marketers of ______ are schools and
universities; publishers of encyclopedias, nonfiction
books, and specialized magazines; makers of CDs; and
Internet Websites.
INFORMATION
Every market offering has a basic _____ at its core.
- In essence, products and services are platforms for
delivering some idea or benefit to satisfy a core need.
IDEAS
TEN TYPES OF ENTITIES THAT CAN BE MARKETED
GOODS
SERVICES
EXPERIENCE
EVENTS
PERSON
PLACES
PROPERTIES
ORGANIZATION
INFORMATION
IDEAS
Companies need to get the attention of customers
through marketing its goods or services.
CUSTOMER
Are the ones who produce the products or render the
service.
- Must have marketing knowledge to attract customers.
HUMAN RESOURCE
Manufacturing goods and providing services to
customers entails cost.
FINANCE
Without marketing items produced would not sell and
inventories may turn out yield less.
PRODUCTION
