Principles Of Marketing Ch.1

Front 1

marketing

Back 1

the process of creating, distributing, promoting & pricing goods, service & ideas to facilitate satisfying exchange relationships with customers & develop & maintain favorable relationships with stakeholders in a dynamic environment

Front 2

Marketing Mix

Back 2

product, distribution, promotion & pricing; they decide what type of each variable to use & in what amounts, a primary goal of marketing manager is to maintain the right mix of these elements to satisfy customer needs for a general product type

Front 3

Marketing Strategy

Back 3

the variable that a company chooses to market its product with

Front 4

The product variable

Back 4

deals with researching customers' needs & wants &
designing a product (good, service, or idea) that satisfies them; involves
creating or modifying brand names & packaging & it may also include
decisions regarding warranty & repair services

Front 5

The distribution variable

Back 5

products must be available at the right time and
through convenient distribution methods

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The promotion variable

Back 6

refers to activities used to inform individuals or
groups about the organization & its existing products: promotional activities
can also educate customers about product features or urge people to take a
particular stance on a political or social issue

Front 7

The price variable

Back 7

relates to decisions & actions associated with
establishing pricing objectives & policies & determing product prices; this is
a critical component & also the easiest variable to manipulate

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Concept of exchange

Back 8

the provision or transfer of goods, services, or ideas in return
for something of value. Any product (good, service, or idea) may be involved in a
marketing exchange

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Target Market

Back 9

specific group of customers that may be a vast number of people or
a relatively small group that organizations focus their marketing efforts on

Front 10

Marketing Concept

Back 10

a philosophy that an organization should try to provide
products that satisfy customers needs through a coordinated set of activities that also
allows the organizaion to achieve its goals; customer satisfaction is the major focus

Front 11

Evolution of marketing concept (production)

Back 11

1850-1920 the industrial revolution
made it possible to produce goods more efficiently thanks to the discoveries of
electricity, rail transportation, division of labor, assembly lines & mass production.
Products poured into the marketplace

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Evolution of marketing concept (sales)

Back 12

1920-1950; strong demand for products
subsided and businesses realized they would have to "sell" products to buyers;
businesses viewed sales as the major means of increasing profits & came to adopt a
sales orientation, they believed personal selling, advertising, & distribution were the
most important marketing activities

Front 13

Evolution of marketing concept (marketing orientation)

Back 13

1950s- present day
businesses began to realize that they must first determine what customers want &
then produce these products rather than making the products first & then convincing
people that they needed to buy them. A market orientation requires an organization-
wide commitment to researching & responding to customer needs.

Front 14

Relationship marketing

Back 14

establishing long-term, mutually beneficial buyer-seller
relationships through the creation of more satisfying exchanges by focusing on value

Front 15

Customer relationship management (CRM)

Back 15

focuses on using information about
customers to create marketing strategies that develop & sustain desirable customer
relationships; organizations attempt to increase long-term profitability by building
customer loyalty, which results from increasing customer value

Front 16

Concept of Value

Back 16

a customer's subjective assessment of benefits relative to cost in
determining the worth of a product; it is important in long-term customer
relationships