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20 Cards in this Set
- Front
- Back
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Definition of Marketing
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activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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Marketing up to 1920
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seller's market, efficient production
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Marketing from 1920 - 1950
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Sales Orientation - emphasis on advertising techniques, advertising agencies appear, "sell what we make"
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Marketing from 1950 - 1990
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Marketing Orientation - Marketing discovered, "Make what customers want", shift from sellers to buyers market
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Marketing from 1990 - Today
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Relationship Orientation - establish long-lasting relationships with stakeholders
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Transaction-based Marketing
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Not personal, no long-term relationship established, on-time change, marketing costs are higher
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Relationship marketing
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goal is to encourage repeat purchases, build trust and cooperation
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Non-Traditional Marketing
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not for profit, politics, cities, causes, events, organization
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Demarketing
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(type of non-traditional marketing) designed to reduce demand. ex) anti-smoking campaigns
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Exchange Utility
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ability of good or service to satisfy want or need
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Form Utility
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making finished goods or providing services
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Time Utility
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providing goods and services when a consumer wants them
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Place Utility
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availability of goods where you want them
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Ownership Utility
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ability to transfer possession of goods or services
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Value proposition
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bundle of benefits the product provides to fulfill customer needs, wants; everything the customer experiences when acquiring and using a product
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Market
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individuals, groups, or organizations with: need/want for the product, ability to purchase, willingness to purchase
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Market segmentations
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dividing market into distinct groups. Unique homogeneous needs, identifiable, reachable
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Target market
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not anyone who wants to buy the product, but a specific identifiable group
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Marketing Mix (4 P's)
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Product: creating value
Place: (Marketing Channel) delivering value proposistion Price: capturing value Promotion: communicating value |
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Positioning
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making sure you're product is seen by your target market
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