Marketing Management Ch. 1

Front 1

What is marketing?

Back 1

Marketing is the activity, institutions, and processes for creating, communicating, and delivering exchanges with value for customers, clients, partners, and society.

Front 2

What is marketing management?

Back 2

Marketing management is the art & science of choosing target markets, getting, keeping, and growing customers by creating, delivering, and communicating superior value.

Front 3

What do we market?

Back 3

Goods/services
Events/experiences
Persons/organizations
Places/properties
Information/ideas

Front 4

Who markets?

Back 4

The marketer seeks a response (purchase, vote, or donation) from another party called the prospect.

2 people selling to each other are both called marketers.

Front 5

How many states of demand are there & what are they & describe each one?

Back 5

8

Negative: pay to avoid something unwanted (smoke in car)

Nonexistent: unaware/uninterested

Latent: strong need that can't be satisfied by current product

Declining: buy less frequently/not at all (VHS tapes)

Irregular: Seasonal, hourly (umbrellas, lunch)

Full: customer to product ratio is perfect (customers buying all possible products)

Overfull: not enough products, too many customers

Unwholesome: causes undesirable social outcomes (guns, drugs)

Front 6

Can you draw a simple marketing system?

Back 6

Industry: communicates & provides product/service to market

Market: provides information & money to industry

Front 7

What are the 4 key customer markets & what is important in each one?

Back 7

Consumer markets: mass goods like shoes and make up. Need superior product, availability, & reliable service.

Business markets: face professional buyers skilled at evaluating offerings. Need > sales force, < price, > reputation.

Global markets: face culture, language, legal, & currency differnces

Non profit / government markets: bidding & low prices

Front 8

What are the 5 types of needs?

Back 8

Stated: you know what you need

Real: you don't know what you need but you need it

Unstated: you don't state what you want and the seller has to figure it out

Delight: Seller provides something extra that you don't need but it adds value

Secret: You aren't aware of the need (new technologies)

Front 9

What is market segmentation?

Back 9

Dividing the market into segments by common characteristic (demographic, psychographic, behavioral, etc.)

Front 10

What is a value proposition? How is it different from the offering?

Back 10

Set of benefits that satisfy needs. It is how the company addresses customer needs. Value proposition intangible. It is made tangible through offering. An offering s a combination of products, service, information, & experiences.

Front 11

What is a brand?

Back 11

Offering from known source. All companies strive for favorable and unique brand.

Front 12

Define value.

Back 12

Sum of tangible and intangible benefits and the cost to the consumer.

Front 13

What are the 3 marketing channels & examples of each?

Back 13

Communication: radio, social media, posters

Distribution: mail, internet, retailers

Service: banks, warehouses, UPS

Front 14

Define the supply chain

Back 14

Long channel stretching from raw materials to finished products carried to buyers. Ex: from Ethiopian farmers to 1st world consumers.

Front 15

Define competition.

Back 15

All actual & potential rival offerings & substitutes a buyer might consider.

Front 16

What are the 6 components of the marketing environment?

Back 16

Sociocultural

Economic

Technological

Political-legal

Demographic

Natural

Front 17

What are 4 company orientations that make up holistic marketing?

Back 17

1) Production: focus on mass distribution & low cost

2) Product:focus on quality & performance

3) Selling: sell what you made not necessarily what the consumers want (life insurance)

4) Marketing: finding right product based on need, not right market based on product (opposite of selling orientation)

Front 18

What are the 4 dimensions of holistic marketing? Describe each.

Back 18

Internal marketing: serving customers well byy training & motivating employees

Integrated marketing: delivering value where whole is better than sum of parts (channels, communication, products & service)

Relationship marketing: keeping the loyalty of customers, partners

Performance marketing: understanding financial & nonfinancial returns (ethics, legal, CSR)

Front 19

4 P's of the marketing mix?

Back 19

Product: variety, quality, sizes

Place: locations, channels

Price: discounts, payment

Promotion: advertising, sales force

Front 20

What are the 4 MODERN P's of marketing?

Back 20

People

Processes

Programs

Performance