MKTG business slides (Final Exam)
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16 Terms
MKTG Tagline
creating, communication, and delivering value
what is marketing
activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large
what does value =
value = customer benefits - customer costs
things that add value to a customer
experience, name, convenience
things that take value away
inconvenience, availability, customer service, pricing
4 primary content themes for marketing careers
-marketing analytics
-digital marketing
-customer experience management
-creativity and brand management
who is important in marketing, and why?
customers- pay attention to your customers because they are the ones buying your product
5 P’s of marketing
-product
-price
-place
-promotion
-people
product
-marketers use the term product to refer to goods, services, or even ideas
-creating a product strategy involves choosing a brand name, packaging, colors, a warranty, accessories and a service program
price
-something given in exchange for a product
-price may be monetary or nonmonetary. price has many names such as rent, fees, chargers and others
place
(distribution)
-some method of getting the product from the creator of the product to the customers
-includes important tasks: transportation, location, supply chain management, online presence, inventory, and atmospherics
promotion
-methods for informing and influencing customers to buy the product
-includes different components (promotional mix):
traditional advertising
sales promotion
public relations
personal selling
social media
e-commerce
B2C
Retail- business to consumer
transaction that takes place between a business and an individual as the end customer
B2B
wholesale- business to business
transaction that takes place between one business and another
Management Produces Order and Consistency
-planning and budgeting
-organizing and staffing
-controlling and problem solving
Leadership produces change and movement
-establishing direction
-aligining people
-motivating and inspiring
