Non Quant Quiz 1 Flashcards
Week 1 Module
about identifying and meeting human and
social needs
Marketing
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.
AMA’s formal definition of Marketing
What is marketed
Goods Services, Events Experiences Person, Place Properties Organizations, Information Ideas
Communication between Industry (collection of sellers) to Market (collection of buyers) information or feedback about a good/service for an exchange usually money
Simple Marketing System
Marketing Concepts
Needs: the basic human
requirements
Wants: specific objects that
might satisfy the need
Demands: wants for specific
products backed by an ability to
pay
product
price
place
promotion
4 p’s in marketing
Availability
Acceptance
Awareness
Affordability
The 4 A’s in Marketing
- Executive Summary
- Market Research
- Strategy
- Execution
- Analytics
Marketing Plan Steps
information collected through
original or first-hand research. For example,
surveys and focus group discussions
Primary data
information that has been
collected in the past by someone else
Secondary data
a fluid document that details a firm’s marketing objectives and strategies over a specific time period.
Marketing Plan
Two types of Marketing Plans
Strategic & Tactical
Longer-term Higher-level goals (i.e. increase awareness or market share)
Strategic Marketing Plan
Shorter-term
Closer-in goals (i.e. increase
profits of a specific profit)
Tactical Marketing Plan
Defines Potential customers, Evaluates projected growth, Assesses competitors, Makes a realistic assessment of the
business
Situational Analysis
