UNF Principles of Marketing Exam 1

Marketing
Activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.
Marketing Plan
Written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P’s, action programs, and projected or pro forma income statements.
Exchange
The trade of things of value between the buyer and the seller so that each is better off as a result.
Marketing Mix or Four P’s
Product, price, place, and promotion
Product: Creating value
Marketing’s fundamental purpose is to create value by developing a variety of offerings, including goods, services, and ideas to satisfy customer needs.
The dessert is a good, the service might involve your enjoyment of it in the shop, and there might be an idea driving your experience- that froyo can be healthy.
Price: Capturing Value
Price is everything the buyer gives up- money time energy- in exchange for the product.
How much are customers willing to pay so that they are satisfied with the purchase and the seller achieves a reasonable profit?
Place: delivering the value proposition
represents all the activities necessary to get the product to the right customer when that customer wants it. Place more commonly deals with retailing and marketing channel management (aka supply chain management: set of approaches and techniques that firms employ to efficiently and effeectively integrate their suppliers , manufacturers, warehouses, stores, etc in the transaction in to a seamless value chain in whcih merchandise is produced and distributed in the right quantities, to the right locations, and at the right time).
Promotion: Communicating the value proposition
Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a response.
B2C: Business to Consumer marekting
businesses sell to consumers
B2B: Business to business
the process of selling merchandise or services from one business to another
C2C : consumer to consumer marketing
consumers sell to other consumers
marketing impacts various stakeholders
It cen be the benefit or detriment of various partners or an entire industry (got milk?).
Marketing helps create value
transition from production orientation to sales orientation or personal selling, to market orientation (focused on what consumers wanted or needed before design) adn then to value based marekting orientation (they have to give greater value than their competititors)
Value
reflects the relationship of beenfits to costs, or what you get for what you give.
Value cocreation
customers can act as collaborators to create the product or service. (custom design sneakers)