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Marketing ch1
| Question | Answer |
|---|---|
| Marketing | Is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging our friends that have value for customers, clients, partner‘s, and society at large |
| Marketing | And organization of function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders |
| Marketing plan | Specifies the marketing activities for a specific period of time. Marketing plan is broken down into various components how the product or service will be conceived or designed. How much did it cost |
| Marketing plan | A written document composed of in MLS of the current marketing situation, opportunities and threats for the firm, the marketing objectives and strategies specified in terms of the four peas action program and protected or pro forma income |
| Marketing is | Marketing helps create value, marketing affects various stakeholders, marketing can be performed by individuals and organizations, marketing requires product, price, place, and promotion decisions. Marketing entails in exchange, marketing is about satisfy |
| Marketing is about satisfying customers needs and wants | Understanding the marketplace, and especially customers needs and wants, is fundamental to marketing success. The market place is divided into groups luxury, cost conscious, service oriented, self service, made in America |
| Marketing is about EXCHANGE | Exchange the trade of things of value between the buyer and the seller so that each is better off as a result |
| The marketing mix | Promotion, product, place,Price Picture on Phone |
| The first of the four p’s is product | It’s fundamental purpose is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs |
| Goods | Are items that you can physically touch |
| Services | Intangible customer benefits that are produced by people or machines and cannot be separated from the producer |
| Ideas | Includes thoughts, opinions, and philosophies Ideas are intellectual concepts/thoughts, opinions and philosophies |
| Price capturing value | The second of the four p’s this price Marketers must determine the price of a product carefully on the basis of the potential buyers believe about its value |
| The third P place | All the activities necessary to get the product to the right customer when the customer wants it |
| Supply chain management | Is the set of approaches and techniques at the farm employ to efficiently and effectively integrate their supplies, manufacturers, warehouses, stores, and other firms involved in the transaction |
| The fourth p Promotion | Even the best products and services will go and sold if market is cannot communicate the value to customers |
| Promotion is | Communication by the marketer that informs, persuade, and reminds potential buyers about a product or service so as to influence their opinions and elect a response |
| Business to consumer marketing | The process in which businesses sell to consumers |
| Business to business marketing | The process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the Bryan organization, or for resale by Wholesalers and retailers |
| Marketing affects Various Stakeholders | Marketing can also affect several other sticker holders Partners in the supply chain include Wholesalers, retailers, other in terms such as transportation and warehousing |
| Production oriented Era | Believed that a good product with sell its self With product innovation not with satisfying the needs of individual Customers |
| Sales-oriented Era | Between 1920 and 1950 production and distribution techniques became more sophisticated Depended on heavy doses of personal selling in advertising |
| Market-oriented era | Products that were once in limited supply became plentiful Customers had choices They were able to make purchasing decisions based on quality convenience price Manufacturers and retailers for they designed seems to sell their products and services during |
| Value | Reflects the relationship of benefits to costs or what the consumer gets for what he or she gives |
| Value-based marketing era | Most successful Pharmcy they are market oriented Means they generally have transcended a production or selling orientation and attempt to discover and satisfy the customers needs and wants |
| Value-based marketing era | Give greater value than your competitors do I want products or services that we do specific needs or wants and that are offered at a price that they believe is a good value |
| Value-based marketing era | A good value hardware doesn’t necessarily mean the product or service is inexpensive |
| Value cocreation | Customer is active as collaborators with a manufacturer or retailer to create the product or service |
| Farms become value driven by focusing on for activities | First they share information about their customers and competitors across their own wagon is ation in with other firms that help them get the product or service to the market place such as manufactures and transportation |
| Firms become value Driven by focusing on for activities | Second, they strive to balance their customers benefits and costs |
| Farms become value driven by focusing on for activities | Third they concentrate on building relationships with customers |
| Firms become value driven by focusing on for activities | Fourth they take it vantage of new technologies and connect with their customers using social and mobile media |
| Balancing benefits with cost | Value oriented marketers constantly measure the benefits that customers perceive against the cost of their offer They use available customer data define opportunities to satisfy the customers needs better keep cost down and develop long-term loyalty |
| Relational orientation | A method of building a relationship with customer based on the philosophy that the buyer and seller should develop a long-term relationship |
| Build long-term relationships with customers | See them as a relationship and not a transaction |
| Customer relationship management | A business philosophy in a set a strategy programs and systems that focus on identifying and building loyalty among the firms most valuable customers |
| Connecting with customers using social in mobile media | Marketers are steadily embracing new technologies such as social mobile media to allow them to connect better with their customers and serve their needs more effectively |
Created by:
bkgee