What is Marketing?
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
What does marketing seek to?
Discover consumers’ needs and wants, and satisfy them
What is Exchange?
The trade of things of value between a buyer and seller so that each is better off after the transaction
What are the Diverse Elements Influence Marketing Actions?
The organization itself and its departments, society and environmental forces
What Are the Uncontrollable Environmental Forces?
Social, economic, technological, competitive, and regulatory
What are the Requirements for Marketing to Occur?
Two or more parties with unsatisfied needs, a desire and ability to be satisfied, a way for the parties to communicate, and something to exchange: Buyer and seller exchange something of value
What is a need?
occurs when a person feels deprived of basic necessities such as food, clothing, and shelter
What is a want?
is a need that is shaped by a person’s knowledge, culture, and personality
What is market?
People with desire and ability to buy an offering
What is target market?
Groups of customers targeted by marketing program
The 4 Ps: Controllable Marketing Mix Factors:
Product, promotion, price, place
What does the marketing mix consist of?
the marketing manager’s controllable factors that can be used to solve a marketing problem
What is a product?
A product is a good, service, or idea that satisfies consumers’ needs and provides value
What is price?
Identifying the price that maximizes revenue is also part of marketing. Explains how marketing, economics, and finance are related
What is place?
Channels, distribution, logistics
How does great marketing work?
Develop Products that people want or need, price them at a level that maximizes profits, promote them to draw consumers’ attention, and place them to where consumers want to buy
An organization’s marketing program connects it with its customers:
customer value, customer relationships, and relationship marketing
What is customer value?
the unique combination of benefits received by targeted buyers
What is relationship marketing?
links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
Someone who has the relationship of partner with you
Someone who actively recommends you to others, who does your marketing for you
Someone who likes your organization, buts only supports you passively
Someone who has done business with you on a repeat basis
Someone who has done business just once with your organization
Someone whom you believe may be persuaded to do business with you
What is a marketing program?
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
What are market segments?
the relatively homogeneous groups of prospective buyers that have common needs and will respond similarly to a marketing action
What is a marketing concept?
the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals
What is market orientation?
occurs when an organization focuses its efforts on continuously collecting information about customers’ needs, sharing this information across departments, and using it to create customer value
What is Societal marketing concept?
the view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being.
What is ethical marketing?
seeks to promote honesty, fairness, and responsibility in all marketing practices
Who are ultimate consumers?
the people who use the products and services purchased for a household. Also called consumers, buyers, or customers
Who are Organizational buyers?
those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale
What is utility?
Marketing creates its utilities by bridging space (place utility) and hours (time utility) to provide products (form utility) for consumers to own and use (possession utility)
What does the marketing department relates to?
Shareholders, customers, suppliers, and society