Intro to Marketing Midterm Review Sheet

Topics: Marketing, Product management, New product development Pages: 30 (9478 words) Published: February 9, 2014
 Intro to Marketing Midterm Review Sheet
Chapter One: Creating Customer Relationships and Value Through Marketing Definition of marketing
- the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large. Exchange of marketing, what are the 4ps

Exchange: Achieving two goals: 1) discover the needs and wants of prospective customers and 2) to satisfy those needs and wants - exchange is the trade of things of value between buyer and seller so that each is better off after the trade What is needed for marketing to occur

1) two or more parties with unsatisfied needs
2) a desire and ability on their part to be satisfied
3) a way for the parties to communicate
4) something to exchange
How does marketing satisfy consumer needs
- Importance of discovering and satisfying consumer needs is critical to understanding marketing. 1) Discovering: The company can either create a product that the consumer doesn’t yet know they need and introduce them to it and educate them on how the product will improve their lives (Apple) or they can ask consumers what they want and create a product based on that - a need occurs when a person feels deprived of basic necessities such as food, clothing, and shelter. Effective marketing satisfies needs by creating a product that fulfills those needs, and creates awareness of the product at convenient locations so the customer becomes aware that the product will fulfill their need. - the organization concentrates its efforts on certain needs of a specific group of potential consumers. This is the target market, which is one or more specific groups of potential consumers toward which an organization directs its marketing program. Customer Value and Relationships

- Customer Value Proposition: a cluster of benefits that an organization promises customers to satisfy their needs. - Firms gaining loyal customers by providing unique value is the essence of successful marketing. Loyal customers are more likely to rebuy over time - customer value: the unique combination of benefits received by targeted buyers that includes quality, convenience, on time delivery, and both before sale and after sale service at a specified price. - A firm achieves meaningful customer relationships by creating connections with its customers through careful coordination of the product, its price, the way its promoted and how its placed. - relationship marketing: links the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefit. Begins before and continues after the sale. Marketing 4Ps

- 4 P’s are used to reach consumers and satisfy their needs 1) Product: a good, service or idea to satisfy the consumer’s needs 2) Price: what is exchanged for the product
3) Promotion: a means of communication between the seller and buyer 4) Place: a means of getting the product to the consumer
- All 4 are elements of the marketing mix. They can be used by the marketing manager to solve a marketing problem. Ex: A company puts a product on sale, it is changing one element of the marketing mix, the price. Societal marketing concept

Societal marketing concept: the view that organizations should satisfy the needs of consumers in a way that provides for society’s well being. Ex: Soap pads from 3M, are made of recycled plastic bottles, but are more expensive than those offered by competitors, but are superior because they don’t rust or scratch - directly related to macro marketing, which is the study of the aggregate flow of a nations products and services to benefit society. Breadth and depth of marketing

1) Who markets: Every organization. Manufacturing, retailing, nonprofit organizations, special causes (Race for the Cure), as well as political candidates often use marketing to gain voter attention and preference. 2) What is marketed: Goods, services, and ideas. Goods are physical...
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