Untitled Flashcard Set

What is marketing?

Activities, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.

Difference between marketing and selling?

Marketing focuses on creating value and relationships; selling focuses on persuading customers to buy.

What is the marketing concept?

A philosophy that businesses should satisfy customer needs while achieving company goals.

Why is the marketing concept important?

It shifts focus from products to customer needs, increasing loyalty and long-term success.

Define target market.

A specific group of customers a company focuses on serving with its marketing efforts.

What is a marketing strategy?

A plan to use resources effectively to achieve business objectives.

What is form utility?

Turning raw materials into finished products that satisfy customer needs.

What is place utility?

Making products available where customers want them.

What is time utility?

Having products available when customers need them.

What is possession utility?

Ease of buying or owning a product.

Give an example of form utility.

Smartphones assembled from components.

Give an example of place utility.

A convenience store in a busy neighborhood.

Give an example of time utility.

Holiday decorations available in October/November.

Give an example of possession utility.

Paying for a laptop online with installment plans.

What is production orientation?

Focus on making products efficiently and distributing them.

What is sales orientation?

Focus on selling aggressively through advertising and sales techniques.

What is customer orientation?

Focus on understanding customer needs and creating products to satisfy them.

Define CRM (Customer Relationship Marketing).

A strategy to build long-term customer relationships through personalization.

Benefits of CRM?

Increases loyalty, repeat purchases, referrals, and improves customer service.

What are the 4 Ps of marketing?

Product, Price, Place, Promotion.

What does 'Product' refer to in the marketing mix?

The goods or services a company offers to satisfy customer needs.

What does 'Price' refer to in the marketing mix?

How much a customer pays for a product.

What does 'Place' refer to in the marketing mix?

Where and how the product is distributed and sold.

What does 'Promotion' refer to in the marketing mix?

Methods used to inform, persuade, and remind customers about products.

What are distribution channels?

Paths through which products travel from producers to consumers.

Direct vs. indirect distribution?

Direct: producer → consumer. Indirect involves intermediaries.

Functions of distribution channels?

Transactional, logistical, facilitating functions.

Who are marketing intermediaries?

Retailers, wholesalers, agents/brokers who help distribute products.

Intensive distribution?

Products are placed in as many outlets as possible.

Selective distribution?

Products are placed in select outlets.

Exclusive distribution?

Products are available in very limited outlets.

What are the elements of promotion?

Advertising, Sales Promotion, Public Relations, Personal Selling, Digital Marketing.

What is Integrated Marketing Communications (IMC)?

Coordinating all promotional tools to deliver a consistent message.

Why is IMC important?

Ensures consistency, maximizes impact, and strengthens customer engagement.

Market factors influencing distribution/promotion?

Customer preferences and geographic location.

Product factors influencing distribution/promotion?

Complexity and perishability of the product.

Company factors influencing distribution/promotion?

Resources, objectives, and capabilities.

Give an example of CRM in action.

Amazon recommending products based on past purchases.

How does understanding customer needs impact business success?

Allows companies to provide the right products, improving satisfaction.

Provide an example of IMC.

A brand running consistent ads across TV, social media, and in-store promotions.