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13 Cards in this Set
- Front
- Back
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What is marketing?
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Marketing: a set of business practices designed to plan and organization's products or services in ways that build effective customer relations
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What are the core aspects of Marketing
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- Creates value
- Satisfying customer wants and needs - Entails value exchange - Requires product, price, place & promotion - Can be by both individuals and groups - Occurs in many settings |
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How is marketing about satisfying wants and needs?
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- To understand a customer's needs and wants, marketers must identify the market - groups of people whom an organization is interested in marketing its goods & services
- Marketers divide the market into sub-groups and select a target market |
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How does marketing entail value exchange?
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Communication &
Delivery G/S Producers =====> Customers (Sellers) <==== (Buyers) Money & Information |
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How does marketing require the 4 P's decisions?
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- Product: creates value; marketing must create value by developing a variety of offerings that satisfy needs
- Price: transacts value; the overall sacrifice a consumer is willing to make money, time, energy to acquire a specific product or service - Place: delivering value; all activities necessary to get the product from mftg to customer - Promotion: communicating value; informs, persuades and reminds potential buyers about a G/S to influence their opinions or elicit a response; generally enhances a G/S's value |
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How is marketing shaped by forces and players external to the firm?
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- competitors
- demographics - social/cultural trends - technology - economic factors - political/regulatory factors |
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How can marketing be performed by individuals and organizations?
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- B2C: e.g. Coke to people
- B2B: e.g. Coke to restaurants - C2C: e.g. eBay; resumes while job hunting |
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Where can marketing occur?
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- Marketing can occur in many settings
- It is often designed to benefit an entire industry - Occurs all over the world, large and small, and can stimulate the economy |
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What are the four marketing type eras?
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- Production-Oriented: believed a good product would sell itself; concerned with innovation, not satisfying the needs
- Sales-Oriented: production and dist. increased, to compensate for overprod., firms focused on personal selling and ads to raise sales - Market-Oriented: customer became king with the increase in variety meaning they could make purchase decisions based on the four P's - Value-Based Marketing: reflects the relationships of the benefits to costs, or what the customer gets for what they pay for |
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What is value-based marketing?
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- Finding the most desirable balance between providing benefits to customers and keeping costs down
- Firms must either provide a better G/S for the same cost or the same level of quality for a lower cost |
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How can firms compete on the basis of value?
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- Consistently creating and delivering value is difficult since consumer perceptions change quickly, competitors constantly enter the market and global pressures reshape opportunities
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How do firms become value-driven?
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- Sharing Information: share info collected from customers & competition within the firm and integrate across the org
- Balance Benefits with Costs: measure the benefits that customers perceive against the cost of their offering by using the info to find opportunities that can better satisfy cust. wants and needs to build loyalty - Building relationships with Customers: transactional orientation - regards the buyer-seller relationship as a series of individual transactions; relational orientation - build relationship with customers based on the philosophy that buyers and sellers should develop a LTR |
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Why is marketing important?
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- marketing expands a firm's global presence
- marketing is pervasive across the organization - marketing is pervasive across the supply chain - marketing makes life easier and creates jobs - marketing enriches society - marketing can be entrepreneurial |
