Marketing

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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 Process

Back 2

A process that involves understanding the market to create, communicate and deliver an offering for exchange.

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Exchange

Back 3

The mutually beneficial transfer of offerings of value between the buyer and seller.
To be successful:
-Two or more parties must participate, each with something of value desired by the other party.
-All parties must benefit from the transaction.
-Exchange must meet both parties expectations (Quality, price)

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Value

Back 4

A customer's overall assessment of the utility of an offering based on perceptions of what is received and what is given.
(Benefits a customer receives from a product in relation to price).

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Market

Back 5

A group of customers with heterogeneous wants and needs.

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Customers

Back 6

People who purchase goods or services for their own or other people's use.

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Consumers

Back 7

People who use the good or service.

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Clients

Back 8

Customers of the product of NFP organisations.

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Partners

Back 9

Orgs. or individuals who are involved in the activities and processes for creating, communicating and delivering offerings for exchange.

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Ethics

Back 10

A set of moral principles that guide attitudes and behaviour.

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CSR

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The obligation of the business to act in the best interest of the society that sustains them.

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Stakeholders

Back 12

Individuals, organisations and other groups that have a rightful interest in the activities of a business.
Eg: Owners, employees, customers, partners and government.

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Green Marketing

Back 13

The marketing of environmentally safe or beneficial products.

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Triple bottom line

Back 14

Social, environmental and economic considerations.

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Greenwashing

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The dissemination of questionable or potentially misleading info by an organization in relation to its products, in order for the organization and its products to be perceived as environmentally friendly.

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Marketing Mix

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Set of variables that a marketer can exercise control over in creating an offering for exchange. (7p's)

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Target market

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A group of customers with similar needs and wants.

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Product

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A good, service or idea offered to the market for exchange.

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Brand

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A collection of symbols such as a name, logo, slogan and design intended to create an image in a customer's mind that differentiates a product from competitors' products.

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Bundle of Attributes

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The features and functions of a product that benefit the customer.

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Need

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A day to day survival requirement. Eg: food, shelter and clothing.

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Want

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A desire but not necessary for day to day survival.

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Demand

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A want that a consumer has the ability to satisfy.

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Good

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A tangible offering capable of being delivered to a customer.

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Service

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An intangible offering that does not involve ownership.

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Price

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The amount of money a business demands in exchange for its offerings.

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Promotion

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The marketing activities that make potential customers, partners and society aware of and attracted to the business's offerings.

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Place (distribution)

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The means of making the offering available to the customer at the right time and place.

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Logistics

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Part of the marketing process that is concerned with supply and transport.

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Supply Chain

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The parties involved in providing all of the raw materials and services that go in to getting a product to the market.

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Processes

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Any person coming into contact with customers who can affect value. Eg employees, other customers.

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Processes

Back 32

The systems used to create, communicate, deliver and exchange an offering.

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Physical Evidence

Back 33

Tangible cues that can be used as a means to evaluate service quality prior to purchase. Eg furniture, Décor. staff uniforms.