Chapter 1 Marketing: The Core

marketing
the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers
exchange
the trade of things of value between a buyer and a seller so that each is better off
four factors needed for marketing to occur
1) two or more parties 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
market
people with both desire and the ability to buy a specific offering
target market
one or more specific groups of potential consumers
marketing mix
the four P’s
customer value proposition
benefits that an organization promises customers to satisfy their needs
environmental forces
the uncontrollable social,economic, technological, competitive, and regulatory forces
customer value
the unique combination of benefits revived by targeted buyers
relationship marketing
linking the organization to its individual customers, employees, suppliers, and other partners
marketing program
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
an organization can’t satisfy the needs of all consumers, so it must focus on one or more subgroups, which are its __________
potential consumers
What are the four marketing mix elements that make up the organization’s marketing program? Try to explain
product
price
promotion
place
marketing concept
the idea that an organization should strive to satisfy the needs of consumers
market orientation
focusing organizational efforts to collect and use the information about customers’ needs
societal marketing concept
the view that organizations should satisfy the needs of consumers in a way that also provides for society’s well-being
product
a good, service or idea
ultimate consumers
the people who use the products and services purchased for a household
organizational buyers
they buy products and services for their own use or for resale
utility
the benefits or customer value received by users of the product
What are the two key characteristics of the marketing concept?
ethics
social responsibility
What is the difference between ultimate consumers and organizational buyers?
organizational buyers are more of a re-seller while ultimate consumers use the product for themselves