mktg 1 – Flashcard
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• Fundamental purpose of marketing is to
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create value by satisfying customers
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• MAKRETING APPLIES TO
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o Products, places, services and people
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• Marketing
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is the activity set of institutions and processes for creating, capturing, communicating, delivering and exchanging offering that have value for customers, clients, partnership and society at large
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Marketing plan-
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that specifies thee marketing activities for a specific period of time
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• Price-
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everything the gives up - money, time, energy- in exchange for a product
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• Service
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ant intangible offering that involves a dee, performance, or effort that cannot be physically possessed
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• Place-
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represents all the activities necessary to get the product to the right customer when the customer wants it • Retailing and marketing channelment
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• Marketing chanelment
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supply chain management- set of approaches and techniques that firms employ to efficiently integrate their suppliers, manufactures, warehouses, store and other firms involved in the transaction into a value chain whine merchandises are produced and distributed in the right quantities, locations, time, while minimizing system wide costs and satisfying the service levels required by the customer
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• Promotion
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communication by the marketer that informs, persuade and reminds potential buyers about a product or service to influence their opinions and elicit a response
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• Production era-
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product oriented - good product would sell itself
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• Sales era
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depended on heavy sales and advertising
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• Market era-
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buyer market - less hostage due to ww11
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• Value
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relationship of benefit to costs or what u get for what u give
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• Value concretion-
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customers act as collaborators to create the product and service
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o Shared info
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• Share info about customers and competitors
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o Balance benefits and costs
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• Relational orientation- think of customers as relationships not transactions
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• Supply chain
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= raw material-> manufacture-> retailer -> consumer
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• Entrepreneurs-
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people who organize, operate, and assume the risk of business ventures
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• If you are involved in a buying or selling situation in which you do not expect to do business with the other party again, you are engaged in a
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Transaction.
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• The evolution of marketing progressed along the following continuum: Sales, marketing, value-based marketing, production.
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Production, sales, marketing, value-based marketing.
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The four Ps make up the marketing mix, which is the __________ set of activities that the firm uses to respond to the wants and needs of its target markets.
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controllable
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Marketers must determine the price of a product carefully, based on potential buyers' beliefs about
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its value.
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During the __________ era manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.
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value-based marketing
