Marketing Principles- Chapter 1 – Flashcards
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Marketing
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The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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Value = __________
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Benefits/Price
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Marketing Plan
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Specifies the marketing activities for a specific period of time
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In the broadest terms, the marketplace refers to ___________
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The world of trade
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Exchange
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The trade of things of value between the buyer and the seller so that each is better off as a result.
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Marketing mix or 4 P's
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Product, Price, Place, and Promotion
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The __________ compromise the controllable set of decisions or activities that the firm uses to respond to the wants of its target markets.
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Four P's
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In relation to the 4 P's: Product __________
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Creates value
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In relation to the 4 P's: Price ____________
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Captures Value
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In relation to the 4 P's: Place ___________
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Delivers the value
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In relation to the 4 P's: Promotion _____________
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Communicates the value
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Goods
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Items that you can physically touch
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Services
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Intangible customer benefits that are produced by people or machines and cannot be separated from the producer
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Ideas
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Include thoughts, opinions, and philosophies; intellectual concepts such as these can be marketed
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Supply Chain Management
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Is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing systemwide costs and satisfying the service levels required by the customers
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B2C (business-to-consumer)
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The process by which businesses sell to consumers
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B2B (business-to-business)
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The process of selling merchandise or services from one business to another
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C2C (consumer-to-consumer)
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Consumer sell to consumer
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What are the Eras in Marketing?
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Production-Oriented Era, Sales-Oriented Era, Market-Oriented Era, Value-Based Marketing Era.
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Production-Oriented era:
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(20th century) Most firms believed that a good product would sell itslef
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Sales-Oriented era:
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(1920-1950) Depended on heavy doses of personal selling and advertising
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Marketed-Oriented era:
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(After WWII) Manufacturers and retailers thus began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services. It was during this period that firms discovered marketing
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Value-Based marketing era:
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(Present-day) Giving customers greater value than their competitors
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Value
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Reflects the relationship of benefits to costs, or what you get for what you give
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Value co-creation
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Customers can act as collaborators to create the product or service
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How do Marketing firms become more value driven?
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Sharing information, Balancing benefits with costs, Building relationships with customers, Connecting with customers using social and mobile media
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Relational Orientation
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Think about customers in terms of relationships rather than transactions
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Customer Relationship Management (CRM)
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Business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firms most valued customers
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Why is Marketing important?
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It expands a firm's global presence, Pervasive across marketing channel member, Enriches society, Can be entrepreneurial
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Supply chain or marketing channel
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A group of firms that make and deliver a given set of goods and services
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Entrepreneurs
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People who organize, operate, and assume the risk of a business venture
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Desired outcome of Marketing is ___________
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Exchange
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Marketing tries to provide for the _________ and _________ of the consumer
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Needs, Wants
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Marketing helps create ______________
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Value
