Marketing 301 Chapter 1 UMass Amherst – Flashcards
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Marketing
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The activity for creating, communicating, delivering, and exchanging offerings that benefitits customers, the organization, its stakeholders, and society at large.
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Marketing Seeks to do 2 things
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(1) Discover the needs and wants of prospective customers (2) To satisfy them
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Exchange
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The trade of things of value between buyer and seller so that each is better off after the trade.
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What 4 factors are required for marketing to occur?
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(1) Two or more parties (individuals or organizations) with unsatisfied needs (2) A desire and ability on their part to be satisfied (3) A way for the parties to communicate (4) Something to exchange
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What does Robert M. McCath suggest
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(1) Focus on what the customer benefit is (2) Learn from the past
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A need
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Occurs when a person feels deprived of basic necessities, such as food.
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A want
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Is a need that is shaped by a person's knowledge, culture, and personality.
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Market
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Potential consumers who both desire and have the ability to buy a specific offering.
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What makes up a market?
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Potential consumers
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Target Market
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One or more specific groups of potential consumers towards which an organization directs its marketing program.
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What are the 4 P's?
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Price, product, promotion, placement
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Product
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A good, service, or idea to satisfy the consumer's needs
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Price
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What is exchanged for the product
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Promotion
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A means of communication between the seller and buyer
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Place
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A means of getting the product to the consumer
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Marketing Mix
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The marketing manage's controllable factors-product, price, promotion, and place- that can be used to solve a marketing problem.
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Customer Value Proposition
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A cluster of benefits that an oraganization promises customers to satisfy their needs.
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Environmental Forces
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Involving social, economic, technological, competitive, and regulatory forces.
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Customer Value
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A unique combination of benefits recieved by targeted buyers that includes quality, convenience
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Relationship Marketing
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Links the organiztion to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.
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Marketing Program
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A plan that intergrates the marketing mix to provide a good, service, or idea to prospective buyers.
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What do consumer needs trigger?
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Product concepts that are translated into actual products that stimulate further discovery of consumer needs.
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Marketing Concept
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Idea that an organization should (1) Strive to satisfy the needs of consumers (2) While also trying to achieve the organization's goals
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Market Orientation
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Focus its efforts on (1) Continuously collecting information about customers' needs (2) Sharing this information across departments (3) Using it to create customer value
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Customer Relationship Management (CRM)
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The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will chose them in the makretplace.
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Customer Experience
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The internal response that customers have to all aspects of an organizations and its offerings.
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Social Responsibility
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The idea that organizations are accountable to a larger society.
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Social Marketing Concept
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The view that organizations should satusfy the needs of consumers in a way that provides for society's well-being.
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Macromarketing
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The study of the aggregate flow of a nation's products and services to benefit society.
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Micromarketing
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How an individual organization directs its marketing activities and allocates its resources to benefit its customers.
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Who markets?
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Every organization markets
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What is marketed?
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Goods, services, and ideas
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Ultimate Consumers
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Are the people (regardless of age) who use the products and services purchased for a household.
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Organizational Buyers
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Those manufacturers, wholesalers, retailers, and government agencies that buys products and services for their own use or for resale.
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Who benefits from effective marketing?
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Consumers who buy, organizations that sell, and society as a whole.
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Utility
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The benefits or customer value received by users of the product
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Four Differnet Utilities
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(1) Form (2) Place (3) Time (4) Posession
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Form Utility
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The production of the product or serivce
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Place Utility
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Having the offering available where customers need it
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Time Utility
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Having it available when needed
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Posession Utility
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Value of making the item easy to purchase through the provision of credit cards or financial arrangements
