Marketing Impact Session 1 Revision Flashcards
(20 cards)
What is marketing?
The management process responsible for anticipating, identifying and satisfying customer requirements profitability.
What are the 4 Key parts of marketing
Anticipating
Identifying
Satisfying
Profitability
What does anticipating mean?
Predict future customer needs
What does identifying mean?
Research and understand these needs.
What does satisfying mean?
Deliver products / services that meet the needs.
What does profitability mean?
All of the other key parts must benefit the organisation (ROI / societal gain)
What are the business orientations?
Production
Product
Sales
Marketing
What is production orientation?
Efficiency over customer desires.
What is product orientation?
Focus on innovation
What is sales orientation
Emphasis on selling (hard sell)
What is marketing orientation
Customer needs first
What is marketing as an exchange process
Marketing facilitates mutually beneficial exchange of value (e.g. money for goods)
Satisfaction is the right product place time price and support
Marketing for nonprofits
Raise awareness
Promote services
Fundraising and partnerships
What are the roles of marketing
Be the customers voice
Monitor trends gather intelligence remain competitive
Create customer brand and stakeholder value
What is customer value
Value = perceived benefits - perceived costs
What are the benefits of customer value
Product, service, relational, image`
What are the costs of customer value
Monetary, time, energy, psychological
