Principles of Marketing Chapter 1 Book

what challenge does every business face?

how to have success in the market with its products or services

if products and services do not have value to customers what will happen?

they will not buy them

what does marketing help to figure out for products?

how to navigate the journey from invention to successful, profitable distribution

what is marketing responsible for ensuring?

a form understands its customers, finding the best ways of reaching those customers with product information, encouraging customers to make purchase decisions, and turning customers into brand loyalists once they have made a purchase.

in its truest form, marketing is

strategic and provides value to the consumer instead of taking advantage of the consumer

what is a specialized form of communication between businesses and consumers?

marketing

marketing and advertising are

not the same

advertising is a _______ of marking

strategy

marketing includes

process, exchange, and relationships

what is the AMA definition of marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society of large

chief marketing officer (CMO)/vice-president of marketing

the leader of the corporate marketing and is responsible for developing the marketing strategy and that it is effective and aligns with corporate objectives

marketing management

implements the marketing strategy

demand generation

generates new business prospects (“leads”)

content marketing

creates and publishes a constant stream of new and compelling content developed specifically to capture the attention of customers and prospects

digital marketing

online marketing responsibilities

marketing operations

project and technology manager

marketing research

conduct research about customers, competitors, and the market

marketing analytics

helps to take advantage of all the data that is produced and stored about campaigns and customers. may be referred to as a “data scientist”

what type of approach is it important to have in marketing?

“begin with the end in mind”

what is selling concept?

the tendency to focus on selling current products and services to customers

what is marketing concept

first finding out what the customer wanted and then working to provide that to the customer (“a management orientation that focuses on identifying and satisfying customer needs to ensure the organization’s long-term profitability)

what does Dr. Tom Brown say about managing the marketing process?

companies survive by solving problems for customers and satisfying their needs

what is marketing management?

the process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress toward their achievement

what is the marketing mix?

the set of major categories of marketing that can be adjusted to affect the overall marketing strategy of a product

what are the 4 P’s of marketing?

product, price, place, and promotion

product

a good, service, or idea to satisfy a customers needs

example of product

packaging color, multi-packs

price

the amount that is being charged for the good, service, or idea

example of price

bundle pricing, volume discounts

place

the means of getting the good, service, or idea to the customer

example of place

store-shelf, third-party website (Amazon)

promotion

represents the means of communicating with the customer

example of promotion

television advertisements, sponsorships

what are the 7 P’s of marketing?

product, price, place, promotion, process, people, and physical evidence

process

the flow of activities involved in providing goods, services, or ideas to the customer

example of process

supply chain, layout

people

the human actors who provide, goods, services, experiences, and ideas to the customer

example of people

customer-facing employees, customer-service employees

physical evidence

the tangible elements in the place that the good or service is sold

example of physical evidence

signage, lighting

the customer is of the _____

center

the 7 P’s of marketing are ____________

interdependent

the mix of the 7 P’s can provide differentiation which

is what makes a product unique and makes it standout to customers

not all pieces are _______ important for each product, the way a marketer uses the pieces can create a _________ _________

equally, competitive advantage