Marketing chapter 1

Marketing notes

What is the primary goal of marketing?

To discover and satisfy the needs and wants of prospective customers.

What is marketing?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.

What are the components of the simple model of the marketing process?

Understand the marketplace, design a customer-driven marketing strategy, construct an integrated marketing program, and capture value from customers.

What is needed for marketing to occur?

Two or more parties with unsatisfied needs, desire and ability to satisfy these needs, a way for parties to communicate, and something to exchange.

What are the three types of needs identified in marketing?

Physical needs, social needs, and individual needs.

What is the definition of a market?

The set of all actual and potential buyers of a product or service who share a need or want that can be satisfied.

What is a market segment?

A relatively homogeneous group of prospective buyers that have common needs and respond similarly to marketing actions.

What are the four Ps of the marketing mix?

Product, Price, Distribution (Place), Promotion.

What is customer value in relationship marketing?

The unique combination of benefits received by targeted buyers, such as quality, convenience, and price.

What is the marketing concept?

To strive to satisfy the needs of consumers while achieving the organization’s goals.

What is Customer Relationship Management (CRM)?

The process of identifying prospective buyers, understanding them, and developing favorable long-term perceptions of the organization.

What does the societal marketing concept emphasize?

Organizations should satisfy consumer needs while providing for society’s well-being.

What distinguishes ultimate consumers from organizational buyers?

Ultimate consumers are individuals who use goods and services purchased for personal use, while organizational buyers are entities that buy goods for their own use or resale.

Why is it important for organizations to build strong customer relationships?

To create customer value and loyalty, which can lead to repeat purchases and advocates for the brand.

What are environmental factors that can influence marketing actions?

Social, Economic, Technological, Competitive, and Regulatory factors that impact marketing decisions.