MKTG Ch. 1: Creating Customer Relationships and Value through Marketing – Flashcards
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LO 1: Define marketing and identify the diverse factors influencing marketing actions
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- Organisational function - Set of processes for creating, communicating, delivering, and exchanging offerings that benefit the organistaion, it's stakeholders and society at large
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Exchange
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Trade of things of value between a buyer and a seller so that each is better off after the trade
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Environmental Factors
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1. Social 2. Economic 3. Technological 4. Competitive 5. Regulatory - Uncontrollable factors
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4 factors needed for marketing to occur
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1. 2 or more parties with unsatisfied needs 2. a desire and ability on their part to have their needs satisfied 3. a way to communicate 4. something to exchange
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LO 2: Explain how marketing discovers and satisfies consumer needs
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- Researching what consumer needs are - Satisfy consumer needs by implementing a marketing program possessing the right combination of the marketing mix - the 4 P's
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Marketing Mix
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1. Product 2. Price 3. Promotion 4. Place - Controllable factors because they are under the control of the marketing department in an organisation
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LO 3: Distinguish between marketing mix factors and environmental forces
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Factors that make up the marketing mix are controllable, whereas environmental factors are uncontrollable
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LO 4: Explain how organisations build strong customer relationships and customer value through marketing
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- Best Price - Best Product - Best Service Combination of quality, price, convenience, on-time delivery, before- and after-sales service.
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Relationship marketing
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Links the organisation to its individual customers, employees, suppliers, and other partners for mutual long term benefits.
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Marketing program
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Plan that integrates the marketing mix to provide a good, service or idea to prospective buyers.
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Market segments
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Relatively homogenous groups of prospective buyers that: 1. Have common needs 2. Will respond similarly to a marketing action
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LO 5: Describe how today's customer relationship era differs from prior eras
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Today's customer relationship era focuses on satisfying the high expectations of customers.
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Marketing concept
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Idea that an organisation should: 1. Strive to satisfy the needs of customers while also, 2. trying to achieve the organisation's goals
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Market Orientation
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An organisation that has a market orientation focuses 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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Ultimate consumers
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People who use products and services purchased for a household
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Organisational buyers
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Manufacturers, wholesalers, retailers, and govt agencies that buy products and services for their own use or for resale.
