Defining Marketing and The Marketing Process

These flashcards cover key concepts, definitions, and explanations related to the marketing process and its components.

What is marketing?

Marketing is the link between consumers and companies, aiming to find and retain customers by creating a compelling value proposition.

What is a value proposition?

A value proposition is the set of benefits a company promises to deliver to customers to satisfy their needs.

What are benefits in marketing?

Benefits are the positive outcomes or advantages that a customer receives from a product or service.

What are costs in marketing?

Costs refer to any expenses or negative outcomes associated with obtaining the benefits of a product or service.

What is the exchange process?

The exchange process refers to the transfer of goods, services, or ideas between two or more parties, often involving money.

What is utility in marketing?

Utility is the state of being useful, profitable, or beneficial, defining the degree to which a product satisfies needs.

What are the five types of utility?

Form, Time, Place, Possession, and Information Utility.

What is marketing myopia?

Marketing myopia is when a company focuses on products rather than consumer needs, risking obsolescence.

What is the Marketing Concept?

The Marketing Concept focuses on understanding and meeting consumer needs to create long-term relationships based on consumer value.

What is the societal marketing concept?

The societal marketing concept seeks to create products that meet consumer needs while addressing societal and environmental issues.

What are marketing management orientations?

Marketing management orientations are different approaches businesses take to deliver value to customers.