MKT106 Prelim p1

Marketing

The activity, institutions, and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society.

Marketing Mix

A total system of business activity designed to plan, price, promote, and distribute products to the target market to achieve organizational objectives.

Product

Key element of the Four Ps focusing on design, performance, and quality for differentiation from competitors.

Pricing

Setting a product's price based on production costs, profit margin, market competition, and consumer value perception.

Place (Distribution)

Involves channels to make products accessible to customers, with choices like online (clicks) or traditional stores (bricks).

Promotion

Marketing communication tools like advertising, public relations, sales promotion, and digital media to communicate product value.

Exchange

Marketing creates demand leading to trading something of value (money) for desired products or services.

Marketer

The company or organization producing and offering products or services for sale.

Suppliers/Vendors

Provide materials and ingredients for product production.

Distributors/Retailers

Intermediaries aiding in product distribution and communication.

Marketing Partners

Companies working together to create products and promotions.

Consumer Markets

Buyers of goods and services for personal or household use.

Business-to-Business (B2B) Markets

Companies purchasing products for business use.

Institutional Markets

Nonprofit organizations providing services for societal benefit.

Channel Markets

Members of the distribution chain like resellers or intermediaries.

Integrated Marketing Communication (IMC)

Unifying all marketing communication messages and tools to promote a consistent brand message.

Advertising

Paid nonpersonal communication about an organization, product, service, or idea by an identified sponsor.

Direct Marketing

Direct communication with target customers to generate responses or transactions.

Digital/Internet Marketing

Interactive media allowing various online activities like information sharing and purchases.

Sales Promotion

Marketing activities providing extra value or incentives to stimulate immediate sales.

Public Relations

Strategic communication building mutually beneficial relationships between organizations and their publics.

Personal Selling

Person-to-person communication to persuade buyers to purchase products or services.

History of Advertising

Evolution from pre-modern times to the digital era, impacting communication and marketing strategies.

F

Founded N.W. Ayer & Son in 1869, introduced the "open contract" in 1875, guaranteeing clients lowest rates with a 15% commission.

Helen Lansdowne Resor

Renowned advertising executive at J. Walter Thompson Co., considered the greatest copywriter of her generation.

William Bernbach

Revolutionized advertising by advocating for short, memorable copy instead of extended messages.

David Ogilvy

Known as the father of modern advertising, founded Ogilvy & Mather with the belief that advertising's sole objective is to sell.

Clients

Key participants in advertising, can operate in centralized or decentralized systems, or through in-house agencies.

Advertising Agency

Specializes in planning and executing advertising programs for clients, offering full-service marketing, communications, and promotions.

Communication Process

Involves sender, message, channel, receiver, noise, and feedback, with various elements influencing the effectiveness of communication.