Chapter 1 Flashcards
(14 cards)
What is Marketing?
-“ Marketing is the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and
society at large.” — American Marketing Association, 2007
-“Marketing is the social process by which individuals and
groups obtain what they need and want through creating and
exchanging products and value with others.” — Philip Kotler
Key Customer Markets
- Global Markets
- Consumer Market
- Business Markets
- Government Market
The Core Marketing Concepts…
- Needs, Wants & Demands
- Target Markets, positioning, & Segmentation
- Offerings and Brands
- Value and Satisfaction
- Marketing channels
- Supply Chain
- Marketing Environment
- Competition
A “need” is…
A need is when a person feels deprived of the basic necessities of life (ie. food, clothing, shelter, or safety)
A “want” is…
A want is the particular way in which the person chooses to fulfil his or her need, which is shaped by a person’s knowledge, culture and personality
The company must first identify the customers or market for its product or service.
.
Marketers divide the market into subgroups or segments of people to whom they are interested in marketing their products, services, or ideas.
.
Marketers build marketing strategies to meet the needs and wants of target market.
.
Production-oriented era:
Most firms believed a good product would sell itself
Sales-oriented era:
Firms found an answer to overproduction by focusing on sales
Market-oriented era:
The focus was on what customers wanted.
Value-based era:
Maintains the market orientation but also includes a focus on giving greater value than competition.
Value-Based Marketing is…
Value-Based Marketing means implementing a market strategy according to what customers value. it isn’t just about low price, it is also about creating strong products and services
A Relational orientation is…
A relational orientation is based on the philosophy that buyers and sellers should develop a long-term relationship for the benefit of both parties
