Chapter 1: Intro to Marketing Flashcards
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
→ marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return.
Marketing actions try to create, maintain, and grow desirable exchange relationships
marketing mix
Marketer’s strategic toolbox. It consists of the organization’s tools to create a desired response among a set of predefined consumers.
four ps
product, place, price, promotion
product
can be a good, a service, an idea, a place, a person—whatever a person or organization offers for sale in the exchange.
promotion
also referred to as marketing communication, includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.
place
to the product’s availability to the customer at the desired time and location.
need
The recognition of any difference between a consumer’s actual state and some ideal or desired state.
utility
the usefulness or benefit customers receive through the product itself, its price, its distribution, and the marketing communications about it.
want
The desire to satisfy needs in specific ways that are culturally and socially influenced.
market
All the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange.
marketplace
Any location or medium used to conduct an exchange.
product orientation
a management philosophy emphasizes the most efficient ways to produce and distribute products. Demand is greater than supply
selling orientation
a managerial view of marketing as a sales function or a way to move products out of warehouses to reduce inventory. Supply is more than the demand
customer orientation
a business approach that prioritizes the satisfaction of customers’ needs and wants
triple bottom line orientation
a business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices.
The financial bottom line: Financial profits to stakeholders
The social bottom line: Contributing to the communities in which the company operates
The environmental bottom line: Creating sustainable business practices that minimize damage to the environment or that even improve it
mass market
all possible customers in a market regardless of the differences in their specific needs and wants.
market segment
a distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.
value chain
to a series of activities involved in designing, producing, marketing, delivering, and supporting any product.
Inbound logistics: Bringing in materials or component parts necessary to make the product
Operations: Converting the materials into another form or the final product
Outbound logistics: Shipping out the final product
Marketing: Promoting and selling the final product
Service: Meeting the customer’s needs by providing any additional support required
competitive advantage
an edge over their competitors that allows them to have higher sales, higher profits, and more customers—in short, to enjoy greater success year after year
value proposition
a marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product
→Set of benefits it promises to deliver to customers to satisfy there needs
branded content
marketing communication developed by a brand to provide education or entertainment rather than to sell the brand in order to develop a relationship with consumers may indicate the brand is a sponsor
user generated content (consumer generated content)
marketing content and activities created by consumers and users of a brand such as advertisements, online reviews, blogs, social media, input to new product development, or serving as wholesalers or retailers.
sustainability
meeting present needs without compromising the ability of future generations to meet their needs
societal marketing concept
a management philosophy that marketers must satisfy customer needs in ways that also benefit society and deliver profit to the firm
