Marketing: Exam 1 - Kunish

Marketing

The activity, set of instructions, and processes for creating,

communicating, delivering, and exchanging offerings that have

value for customers, clients, partners, and society at large.

exchange

which is the trade of

things of value between a buyer and a 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. Desire and ability to satisfy these needs

3. A way for the parties to communicate

4. Something to exchange

market

the people with both the desire and the ability to buy a specific offering

Target Market

one or more specific groups of potential consumers toward which an organization directs its marketing program

5 P's of Marketing

product, price, place, promotion, packaging

Needs vs. Wants

Needs are defined as goods or services that are required and cannot be done without. Wants are goods or services that are not a necessity but we desire/wish for. Book says both are used interchangeably.

Needs

Deprivation of basic necessities like food, water, shelter, clothing. Shared and Basic

Wants

Shaped by a person's knowledge, culture, personality.

Unique and individual.

Environmental Forces

the uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision

customer value proposition

a cluster of benefits that an organization promises customers to satisfy their needs.

how do you deliver value to the consumer. We talk about the consumer value proposition and that includes things like: benefits, quality, convenience, on-time delivery, before and after sale (aftermarketing and customer service)

Evolution of Marketing

product orientation, sales orientation, demand orientation, competitor orientation, customer centric orientation

market segments

the relatively homogeneous groups of prospective buyers that result from the market segmentation process and which (1) have common needs and

(2) will respond similarly to a marketing action.

core values

the fundamental, passionate, and enduring principles of an organization that guide its conduct over time

mission

a statement of the organization's function in society that often identifies

its customers, markets, products, and technologies

Types of Organizations

for-profit, nonprofit, government agencies

for-profit

(a business or institution) initiated or operated for the purpose of making a profit

non-profit

An organization that is set up to help those in need but not to make a profit from the business.

Government Agencies

Operated by the government to provide technical assistance, counseling, grants, or other means of financial assistance at low-interest rates.