Flashcards in Chapter-11 Marketing Deck (29):
What is marketing?
It's the performances of business activities that direct the flow of goods and services from producer to consumer
How is marketing a post production and pre production activity?
Marketing starts before production begins( finding needs and wants of consumers)
Marketing continues even after production and sale(after sale services)
Does marketing end with the sale of the product?
No it's does not. Marketing is a pre-production and a post-production activity.
What is a market? In the traditional sense and in the modern sense.
In the transitional sense marketing is a place where buyers and sellers come together to exchange goods.
In the modern sense marketing refers to a set of actual and potential buyers of a product.
How did Philip Kolter define Marketing?
"Marketing is a social process where individual groups obtain what they need and want through creating offerings and freely exchanging products and services of value with others"
What are the basic features of marketing?
Need and want. Creating a Market Offer. Customer Value. Exchange Mechanism.
What is the focus of marketing?
Satisfying the need and wants of customers.
What is a need and want?
A need is a state of deprivation or feeling deprived of something.
A want is the way human needs see shaped based on personality, culture, preference, religion etc.
What is the difference between a need and a want?
A need is more generalized and is the same for everyone.
A want is more specific and is different for everyone.
What is a Market Offering?
It's a complete offer of a product having given the features such as size, color, quality, taste etc. at a given price ; available at a given location and so on.
What is a good market offering?
A market offering which is developed after analyzing the needs and preferences of potential buyers.
What is customer value?
It's the value of the product in satisfying the need of a customer in relation to it's cost.
Why would a person buy a product?
He would only buy a product if he finds value in that product.
What is an exchange mechanism?
It's a process by which two or more parties come together to obtain the desired product or service from someone offering the same by giving something in return.
What are the things that must be satisfied for an exchange to happen?
There must be two parties. Each should offer something of value. Each should be able to communicate & deliver goods. Each should have freedoms to accept and reject offers and must be willing to enter into transaction.
What is a product and what all things can be marketed?
A product is a bundle of utility. Anything from people, ideas, events to religion and products can be marketed.
Is market just a Business activity or can it be used by any firms?
No. Marketing can be used by any Organization like schools, sports clubs etc. As long as they have something to offer.
Who is a marketer?
A person who takes most active role in the process of exchange.
Can a buyer be the marketer?
Yes, if he takes active participation in the process of exchange. That could happen in the case of a rare good.
What does marketing management mean?
It means management of the marketing function.
Using the functions of management to facilitate exchange of goods
How did Philip Kolter define Marketing Management ?
"It's is the art and science of choosing a target market and getting, keeping and growing customers by creating, delivering and communicating superior customer value of management."
What is the process of marketing management?
1.Choose a target market.
2.Focus on getting, keeping, growing customers i,e create a demand for your product.
3.Create, deliver, communicate superior value i,e communicate customer value and persuade customers to by the product.
How is Marketing Management different from normal management?
Marketing Management is focused on the management of the marketing function.
Normal marketing focuses on all the activities of the business.
Name some functions that are involved in marketing management?
Analyzing and planning market activities, implementing market plans and setting control mechanisms
How is selling related to marketing?
Selling is a part of marketing i,e selling is step in the process of marketing.
How are marketing and sales different?
S is a art of the process. M is a broad term. S transfers the title. M satisfies customer needs. S aims at max profit by selling more. M aims at max profit by satisfying customer needs.M & S start and end at different times. S emphasizes on bending customer to the product. M emphasizes on developing products based on needs of the customer. S involves persuasive efforts like promotion. M involves integrated marketing efforts.
What are the different concepts of marketing?
Production concept. Product Concept. Selling Concept. Marketing Concept. Societal marketing concept.
What is the production concept?
It's a concept that believes that max profit can be reached by producing at a large scale. Thereby reducing average cost.