Marketing the Core Chapter 1 (Kerin and Hartley 7th Edition)

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

the trade of things of value between buyer and seller so that each is better off after the trade

4 Factors 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

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.

Marketing Mix

the controllable factors - product, price, promotion, and place - that can be used by the marketing manager to solve a marketing problem

Product

a good, service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value

Price

what is exchanged for the product

Promotion

a means of communication between the seller and buyer

Place

a means of getting the product to the consumer

Customer Value Proposition

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

Environmental forces

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

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 specific price.

Relationship marketing

links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

Marketing Program

a plan that integrates the marketing mix to provide a food, service, or idea to prospective buyers

Marget Segments

the relatively homogenous groups of prospective buyers that 1) have common needs and 2) will respond similarly to a marketing action

Marketing concept

the idea that an organization should 1) strive to satisfy the needs of consumers while also 2) trying to achieve the organizations's goals

Marketing orientation

an organizations with a market orientation focuses its efforts on 1) continuously collecting information about customers' needs 2) sharing this information across departments, and 3) using it to create customer value

Societal marketing concept

the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being

Ultimate consumers

the people who use the products and services purchased for a household

Organizational buyers

those manufacturers, wholesalers, retailers, service companies, not-for-profit organizations, and government agencies that buy products and services for their own use or for resale

Utility

the benefits or customer value received by users of the product

Need

occurs when a person feels deprived of basic necessities such as food, clothing, and shelter

Want

is a need that is shaped by a person's knowledge, culture, and personality

Utilities

form, place, time, and possession

Value Strategies

price, product, and service i.e. Target, Starbucks, and Nordstrom