BMM1102: Chapter 1 - An Overview of Marketing Flashcards

A set of 10 question-and-answer flashcards covering key definitions, marketing management philosophies, roles, goals, and market types from Chapter 1.

How does the American Marketing Association (AMA) define marketing?

Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers, as well as for managing customer relationships in ways that benefit the organization and its stakeholders.

How does Dr. Philip Kotler define marketing?

Dr. Philip Kotler defines marketing as "a social and managerial process by which individuals and groups obtain what they need and want by creating and exchanging products and value with others."

What are the five Marketing Management Philosophies?

The five philosophies are Production Concept, Product Concept, Selling Concept, Marketing Concept, and Societal Marketing Concept.

What is the key difference between human wants and demands?

Human wants occur when an unfulfilled need makes a person aware of an object that satisfies it, whereas demands are human wants that are backed by buying power.

What four elements make up a transaction?

A transaction involves at least two things of value, agreed-upon conditions, a time of agreement, and a place of agreement.

What are the three main roles of marketing in relation to customers?

1. Identify Customers (understand needs/wants, whom to target, and how to reach them)
2. Satisfy Customers (make the right product available to the right people at the right time)
3. Retain Customers (give customers a reason to keep coming back and find new opportunities)

What are the four main goals of marketing and their social effects?

1. Maximize the Consumption of Goods
2. Maximize Consumer Satisfaction
3. Maximize Choice of Goods or Service
4. Maximize the Quality of Life

How does Traditional Marketing differ from Contemporary Marketing?

Traditional Marketing is company-focused and concerned with pulling customers and industry operations without fully considering diverse needs, whereas Contemporary Marketing is consumer-focused and aims for customer satisfaction to build long-term relationships.

What is the definition of a market?

A market is a group of people or organizations who have a need or want and are willing and able to buy something.

What are the four types of markets mentioned in the text?

1. Consumer Markets
2. Business Markets
3. Global Markets
4. Nonprofit & Governmental Markets