Marketing Chapter 1 Exam 1

4 P's of Marketing

The essential elements of marketing: Purpose, Price, Place, and Promotion.

Purpose of Marketing

To create value by offering goods, services, and ideas to satisfy customer needs.

Price in Marketing

Everything a buyer gives up (money, time, energy) in exchange for a product or service.

Value based on Price

Determined by what people are willing to pay based on demand, quality, quantity, or popularity.

Place in Marketing

All the processes necessary to get the product to the right customer at the right time.

Promotion in Marketing

Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service.

Business to Consumer (B2C)

Marketing directed toward individual customers.

Business to Business (B2B)

Marketing directed toward other businesses.

Consumer to Consumer (C2C)

Marketing where consumers sell to other consumers.

Value-Based Marketing Era

Focus on building relationships and maintaining strong customer interactions to enhance value.

Relational orientation

A marketing approach focused on building strong relationships with customers.

Customer Relationship Management (CRM)

A system for managing a company's interactions with current and future customers.

Marketing Analytics

The use of data to refine marketing strategies and understand consumer behavior.

Mobile Marketing

Any type of marketing activity that is optimized for mobile devices.

Augmented Reality (AR)

Technology that overlays digital information onto the real world, enhancing the user's experience.

Burger King ‘Burn That Ad’ Campaign

A mobile campaign where users could burn competitor ads using AR in exchange for a free Whopper.

Marketing Stakeholders

Customers, Supply Chain Partners, Employees, Industry, Society 

What do CRM’s do?

Allow marketers to discover people's shopping trends to create marketing schemes directed towards demographics of certain shoppers

How does marketing create value?

Build relationships with customers (Data Analytics), Gather and analyse information (Use of CRM’s), Engage in social and mobile marketing (Apps), Address ethical and societal dilemmas (Usually damages the brand)

Mobile Marketing

Any type of marketing activity that’s optimised for mobile devices

What is used for mobile marketing?

Push Notifications, Apps, Pop-up Forms