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20 Cards in this Set
- Front
- Back
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What is marketing? |
Marketing is the activity, institutions, and processes for creating, communicating, and delivering exchanges with value for customers, clients, partners, and society. |
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What is marketing management? |
Marketing management is the art & science of choosing target markets, getting, keeping, and growing customers by creating, delivering, and communicating superior value. |
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What do we market? |
Goods/services |
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Who markets? |
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. |
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How many states of demand are there & what are they & describe each one? |
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) |
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Can you draw a simple marketing system? |
Industry: communicates & provides product/service to market
Market: provides information & money to industry |
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What are the 4 key customer markets & what is important in each one? |
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 |
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What are the 5 types of needs? |
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) |
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What is market segmentation? |
Dividing the market into segments by common characteristic (demographic, psychographic, behavioral, etc.) |
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What is a value proposition? How is it different from the offering? |
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. |
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What is a brand? |
Offering from known source. All companies strive for favorable and unique brand. |
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Define value. |
Sum of tangible and intangible benefits and the cost to the consumer. |
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What are the 3 marketing channels & examples of each? |
Communication: radio, social media, posters Distribution: mail, internet, retailers Service: banks, warehouses, UPS |
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Define the supply chain |
Long channel stretching from raw materials to finished products carried to buyers. Ex: from Ethiopian farmers to 1st world consumers. |
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Define competition. |
All actual & potential rival offerings & substitutes a buyer might consider. |
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What are the 6 components of the marketing environment? |
Sociocultural Economic Technological Political-legal Demographic Natural |
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What are 4 company orientations that make up holistic marketing? |
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) |
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What are the 4 dimensions of holistic marketing? Describe each. |
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) |
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4 P's of the marketing mix? |
Product: variety, quality, sizes Place: locations, channels Price: discounts, payment Promotion: advertising, sales force |
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What are the 4 MODERN P's of marketing? |
People Processes Programs Performance |
