Chapter 1 Flashcards
(18 cards)
What characterizes successful marketing?
Building demand for goods and services, which in turn, creates jobs
What is a marketer?
Someone who seeks a response (attention, purchase) from another party (prospect)
What is the economist definition of a market?
Collection of buyers and sellers who transact a particular product (class)
What is the marketing definition of a market?
Covers a groupings of customers
What is the difference between a marketspace and a marketplace?
Marketspace = digital, marketplace = physical
Define needs
The basic human requirements for physical and emotional survival
Define wants
Objects that satisfy the “needs”
Define demands
Wants for specific objects backed by an ability to pay
Define value
Combination of quality, service and price
Define marketing in relation to value
Identification, creation, communication, delivery and monitoring of customer value
What 3 kinds of marketing channels do marketers use?
Communication channels
Distribution channels
Service channels
What is the supply channel?
The whole process from raw materials to components to finished products in buyers hands
Name the 4 marketing ideas and briefly explain them
- Production concept (customers want wide availability and cheap products)
- Product concept (customers want the product with most quality)
- Selling concept (aggressive selling techniques)
- Marketing concept (consumer-central, right product for your customer)
What is the holistic marketing approach?
Recognizes and reconciles the scope and complexities of marketing activities
What are the 4 components characterizing holistic marketing?
Relationship marketing (build long-term relations) Integrated marketing (all values are delivered in 1 activity) Internal marketing (obtaining good personnel) Performance marketing (understand financials)
What are the old 4 P’s?
Product, Place, Promotion, Price
What are the new 4 P’s
People, Processes, Programs, Performance
Name 4 tasks that make up successful marketing management
Developing marketing strategies and plans
Capturing marketing insights
Connecting with customers
Building strong brands
