Chapter 1 Flashcards
(41 cards)
What is marketing?
- It is the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large.
- To serve buyers and sellers
- To discover the needs and wants of potential customers
- To satisfy the customers
What are the four factors required for marketing to occur?
- Two or more parties with unsatisfied needs.
- A desire and ability on their part to be satisfied
- A way for the parties to communicate
- Something to exchange
What is market?
A market is people with the desire and ability to buy a specific product
Who markets?
Every organization involved in manufacturing and providing services market their offerings.
What is marketed?
Goods, services, ideas and experiences are marketed
What are goods and services?
- A good is a physical object.
- A service is activities, deeds, or other basic intangibles.
What are ideas?
Ideas are intangibles involving thoughts about actions.
What are experiences?
Personal and memorable experiences for example a zip line ride
Who buys and uses what is marketed?
Both individuals and organization buy and use goods and services that are marketed.
What are ultimate consumers?
Those are people who use the goods and services purchased for a household.
What are organizational buyers?
Those are units, such as manufacturers, retailers, or government agencies, that buy goods and services for their own use or for resale
Who benefits?
Three groups benefit from effective marketing: consumers who buy, organizations that sell and society as a whole.
What is the first objective in marketing?
It is discovering the needs of potential customers.
What are the two key suggestions for marketing?
- Focus on what the customer benefit is
2. Learn from the past
What are customer needs and consumer wants
- A need occurs when a person feels physiologically deprived of necessities, such as food, clothing and shelter.
- A want is a felt need that is shaped by a person’s knowledge, culture and personality.
What is target market?
One or more specific groups of potential consumers toward which an organization directs its marketing program.
What is the marketing mix?
These are the controllable factors
The four P’s
- Product
- Price
- Promotion
- Place
What are the 4 P’s, describe them.
Product
-A good, service, or idea to satisfy customer’s needs
Price
-What is exchanged for the product
Promotion
-A means of communication between the seller and the buyer
Place
-A means of getting the product into the consumer’s hands
What are the environmental forces?
-The uncontrollable factors involving social, economic, technological, competitive and regulatory forces.
Social-what consumers want and need
Economic-State of the economy in terms of growing or contracting
Technological-changing technology
Competitive-Stuff competitors do
Regulatory-Government restrictions
What is a Marketing program?
-It is a plan that integrates the marketing mix to provide a good, service or idea to prospective buyers.
What are the six eras?
- Production era
- Sales Era
- Marketing Concept era
- Marketing Orientation Era
- Customer Experience Management Era
- Social Media Marketing Era
Explain the Production Era
1850’s-1930s
- Mass focus on production
- Scarcity of goods
- Goods were scarce in the early years in North America so buyers were willing to accept virtually any goods that were produced.
Sales Era
1920’s-1960’s
- Many firms discovered that the could produce more goods than their regular buyers could consumer
- More choices/competition
- Surplus in supply
Marketing concept Era
50’s-90’s
- Marketing became the motivating force among many firms
- Focus on consumers
- Surplus in demand
