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POM Ch. 1
Marketing Exam;;;
| Term | Definition |
|---|---|
| Marketing | Activities a company undertakes to promote the buying or selling of a product or service. |
| What is needed for marketing to occur? | 1. Two or more parties with unsatisfied needs 2. desire and ability to be satisfied 3. way for the parties to communicate, and something to exchange |
| Marketing seeks to... | Discover the needs and wants of customers and satisfy them |
| Exchange | is the trade of things of value between a buyer and a seller so that each is better off after the trade. |
| The four P's of marketing & define | Product - goods, service, or ideas Price - what is exchanged for product Promotion - communication between seller and buyer Place - means of getting product to consumer |
| Customer value proposition | a statement that a company uses to convince a customer to purchase its products or services over others |
| Environmental forces | The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces. |
| Social forces | The demographic characteristics of the population and its culture. |
| Technological forces | The influences that developments in technology have on consumers, business and society in general |
| Competitive forces | the factors and variables that threaten a company's profitability and prevent its growth |
| Regulatory forces | Forces in the marketing environment that depend on various government regulatory agencies that impact how an organization operates on a daily basis |
| Customer value | the customer's perception of the worth of your product or service, Gain loyal customers by providing unique value |
| Production era | First stage of marketing orientation: goods were scarce |
| Sales era | Second stage of marketing orientation: Manufacturers produced more goods than buyers could consume |
| Marketing concept era | Third stage of marketing orientation: Manufacturers met consumer needs while achieving organization’s goals |
| Customer Relationship Era | Fourth stage of marketing orientation: Satisfy high consumer expectations |
| Customer Relationship Management | is the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace. |
| Market consist of... | people with both the desire and the ability to buy a specific offering |
| Target market | consists of one or more specific groups of potential consumers toward which an organization directs its marketing program. |
| Marketing mix | consists of the marketing manager’s controllable factors—product, price, promotion, and place—that can be used to solve a marketing problem. |
| Market orientation | focuses on efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value. |
| Utility | the benefits or customer value received by users of the product. (satisfaction from consuming a good) |
| Form Utility | By understanding what customers want and need in products or services, a company can use product features and benefits to meet those requirements. (ex. designing a phone with improved speakers to appeal to customers who want to listen to music from their |
| Place Utility | Having the product available where consumers need it |
| Time Utility | Having a product or service when needed |
| Possession Utility | Value of making an object easy to purchase through credit cards or financial arrangements |
Created by:
Jaydas.
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