Marketing ch 1 – Flashcards
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marketing
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is the activity, set of institutions, and process for creating, capturing, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society at large
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four Ps
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product, price, place, and production
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product creating value
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fundamental purpose is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs
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place: delivering the value proposition
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all the activites necessary to get the product to the right customer when that customer wants it
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Marketing Channel Management
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set of approaches and techniques that help the supply chain move better
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value
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reflects the relationship of benefits to costs
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value creation
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customers act as collaborators with a manufacterer or retailer to create the production or service
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understanding the causes of performance, regardless of whether that performance, exceeded, met or fell below the firm's goals
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enables firms to make appropriate adjustments
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understanding a customer's ____ and _____ is fundamental to marketing success
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needs and wants
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auction sites like eBay have increased opportunites for ___ marketing
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c2c
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______ is communication by a marketer that informs, persuades, or reminds potential customers about a product
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promotion
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People who initiate, organize, operate, and assume the risk of a business venture are called
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entrepreneurs
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the fundamental goal of marketers when creating goods, services, or combination of both, is to:
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create value
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Jeff opened a sporting appareal store and has signed a lease on the property. He has also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on?
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price
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marketers involved in supply chain management are constantly balancing....
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the goal of minimizing costs against satisfying the service levels customers expect
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by promoting perfume based on youth, style, and sex appeal, Calvin Klein is attepting to
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increase the percieved value of their product
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in delivering value, marketing firms attempt to find the most desirable balance between
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providing benefits to customers and keeping costs down
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the group of firms that makes and delivers a given set of goods and/or services is called a...
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supply chain
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Value-driven firms constantly measure the ____ that customers percieve, compared to the prices of their offerings.
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benefits
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supply chain management is also referred to as
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marketing channel management
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production-oriented era
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Henry Ford "customers can have any color they want as long as it's black
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sales-oriented era
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Great depression and World War II. consume less or manufactor items themeselces
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market-oriented Era
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After WWII, focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services
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Value-Based Marketing Era
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transcended a production or selling orientation and attempt to discover and satisfy their customer's needs and wants
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how do firms become value driven?
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sharing information, balancing benefits with costs, and building relationships with customers
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why is marketing important?
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can be entrepreneurial, expands global presence of companies, ties companies together, and extremely important in society
