MKTG EXAM 1 (intro/week1 content)

4 P’S OF MKTG

PRODUCT-what do potential customers need/want

PLACE- How do we get it to costumers

PRICE- How much should we make costumers pay

PROMOTION -How do we communicate w costumers

MKTG definition

The process on how companies create value for customers by building good relationships with customers in order to capture value from costumers in return

What is the MKTG concept

it starts out with the market and ends with profits through customer satisfaction

how do marketers create value

THROUGH PRODUCTS

Types of products

• - Physical objects

• - People

• - Organizations

- Places

• - Ideas

• - Information

• 
  

Types of costumers

• - Suppliers

• - competitors

• - company

• - MKTG intermediaries

• - Final consumers

• 
  

what is the SALES CONCEPT

starts with factory, ends with profits through sales volume

What is the Production Concept (Textbook only) and whats an example

states that consumers prefer AFFORDABLE & EASY AVAILABLE products. Therefore, businesses should focus on production efficiency and distribution.

EX: Haier dominates the low-cost appliance market through low labor costs, high efficiency and mass distribution

what is MKTG MYPOIA

company losing sight of its customers' needs and wants by focusing solely on its products or services instead of market trends.

what is the Product concept (textbook only)

says consumers PREFER products w/ BEST QUALITY, PERFORMANCE, & INNOVATIVE FEATURES. So, businesses should focus on CONTINOUS PRODUCT IMPROVEMENT

what is the societal MKTG concept

Just because customers want something right now, does that mean giving it to them is always good for them in the long run?

companies like google, J&J, nestle are concerned with not just economic gains but also customers WELL BEING

why is Building & capturing customer value important

-Customer loyalty and retention

- Customer referrals

- more customers

- higher profits

- CUSTOMER EQUITY=VALUEE!!!

what is the customer lifetime value

total revenue - customer acquisition cost - customer retention costs