MARKETNG 301: CHAPTER 1
31 Cards in this Set
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Marketing
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The activity, set of instructions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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Marketing Occurs When:
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1. Two or more parties have unmet needs
2. Each party is able to satisfy the other's needs
3. Parties are able to communicate with each other
4. Each party has something of value to exchange
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Need
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Difference between actual/current state and desired state
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Want
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A specific way to satisfy a need; the desire for a specific product to satisfy a need
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Exchange
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Process when parties transfer/trade items of value to each other
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Transaction orientation
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Focuses on maximizing profits in a single exchange
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Relationship/Marketing Orientation
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Focuses on maximizing profits long-term over a series of exchanges
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Benefit
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What one receives/gets from a product/item (What the product does for someone)
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Cost
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What one pays to receive the benefit or product
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Value
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The total benefits one receives for the total price (benefits-costs)
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Value proposition
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what a consumer will obtain from an offering (the bundle of benefits)
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Utility
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Usefulness received
Types: Form, Place, Time, Possession
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Form Utility
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Value derived from the product itself
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Place Utility
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Value derived from where the product id available (store nearby, online)
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Time Utility
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The value derived from when the product is available (open 24/7)
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Possession Utility
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Value derived from possesses that facilitate product (purchase/own) (credit/delivery/installation)
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Competitive advantage
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something that an organization/product does better than any the competitor
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Differentiation
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Distinguishing a product (unique in at least one way)
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Price
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Price tends to increase when one moves from offering a commodity to an experience to a transformation
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Differentiation
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Differentiation increases as one moves from offering a commodity to an experience to a transformation
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Market
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Consumers who share a need that can be satisfied by a product and who have the desire/ability to make a purchase, are part of a market (sunglasses market)
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Market Segment
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Markets are divided into smaller groups based on characteristics/dimensions (short, medium, tall)
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Target Market
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A set of consumers/segments in the market whom the organization will direct its marketing effort
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Marketplace
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A "location" used to carry out exchange (actual store/ online store)
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Market Demand
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The number of consumers who desire a product an have resource to obtain it
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Stakeholder
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An entity (consumer/employee/supplier/shareholder) that has stake in or could be impacted by, outcome that is related to market activity
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Stakeholder
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A consumer who has made a purchase (and a sales person who is helping someone to make a purchase)
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Relationship Marketing
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Organization that try to have an on-going relationship with consumers over a long period of time
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Sustainability
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Actions/products/desires that satisfy needs today without compromising the ability of others to satisfy needs in the future
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Developing a marketing program
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-Planning
-Segmentation
-Targeting
-Positioning
-Marketing Mix (Four P's)
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The Four P's
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-Product
-Place/Distribution
-Promotion/Communication
-Price
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MARKETNG 301: CHAPTER 1