Marketing Management Flashcards

Flashcards based on Marketing Management lecture notes.

What is Marketing?

The process by which companies engage customers, build strong customer relationships, and create customer value in order to create value from customers in return.

Who is considered the father of Modern Marketing?

Philip Kotler

What are the demand aspects of an organization that marketing deals with?

Marketing deals with the demand aspects of the organization.

What is a Sale?

A transaction between two parties where one exchanges tangible or intangible goods, services, or assets for money with the other.

What does Marketing aim to do in business?

Marketing builds awareness and attracts leads to your business.

What do Sales aim to do in business?

Sales convert leads into paying customers.

List the contributions of marketing to society.

Maximizing consumption, maximizing customer satisfaction, maximizing choice and maximizing the quality of life.

What is the definition of marketing?

The management process responsible for identifying, anticipating, and satisfying customer requirements profitably.

What entities are marketable?

Products are entities that are marketable. Such as goods, services, experiences, information, places, events, ideas, activities and organizations.

What is a Marketplace?

A physical market, like a night market or wet market.

What is an Online Market?

Where marketers take orders from customers who are thousands of miles away through the Internet. Then the products are mailed and payments are done through credit cards. No physical contact is ever made.

What is Human Need?

A requirement for something necessary in a person’s life.

Define Wants

Wants are influenced by culture and individual personality.

What is Demand?

Demand is a person’s want supported by the buying power.

What are Offerings?

Offerings are benefits from the value given by organizations to the customers. These benefits can be a mix of products, services, experiences, and information.

What is Value?

Value is the difference between the perceived benefits that a person gains from a product and the costs incurred in obtaining the product.

What is Satisfaction?

Satisfaction is the difference between a buyer’s perceived performance of a product in delivering value relative to the buyer’s expectations before the product is purchased.

What is Exchange?

The act of returning something of value to someone who has offered you something you desire.

What is a Transaction?

When person A gives X to person B, person A should get Y in return.

What is a Relationship in marketing?

The bond between a customer and the product or the producer of the product.

What are the Marketing Orientations?

Production Concept, Product Concept, Selling Concept, Marketing Concept, Societal Marketing Concept and Holistic Marketing Concept.

What is Marketing Management?

Process of embracing the marketing concept, and applying marketing strategies and techniques in managing an organization’s resources and activities.