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Marketing ch 1

marketing
is the activity, set of institutions, and process for creating, capturing, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society at large
four Ps
product, price, place, and production
product creating value
fundamental purpose is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs
place: delivering the value proposition
all the activites necessary to get the product to the right customer when that customer wants it
Marketing Channel Management
set of approaches and techniques that help the supply chain move better
value
reflects the relationship of benefits to costs
value creation
customers act as collaborators with a manufacterer or retailer to create the production or service
understanding the causes of performance, regardless of whether that performance, exceeded, met or fell below the firm’s goals
enables firms to make appropriate adjustments
understanding a customer’s ____ and _____ is fundamental to marketing success
needs and wants
auction sites like eBay have increased opportunites for ___ marketing
c2c
______ is communication by a marketer that informs, persuades, or reminds potential customers about a product
promotion
People who initiate, organize, operate, and assume the risk of a business venture are called
entrepreneurs
the fundamental goal of marketers when creating goods, services, or combination of both, is to:
create value
Jeff opened a sporting appareal store and has signed a lease on the property. He has also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on?
price
marketers involved in supply chain management are constantly balancing….
the goal of minimizing costs against satisfying the service levels customers expect
by promoting perfume based on youth, style, and sex appeal, Calvin Klein is attepting to
increase the percieved value of their product
in delivering value, marketing firms attempt to find the most desirable balance between
providing benefits to customers and keeping costs down
the group of firms that makes and delivers a given set of goods and/or services is called a…
supply chain
Value-driven firms constantly measure the ____ that customers percieve, compared to the prices of their offerings.
benefits
supply chain management is also referred to as
marketing channel management
production-oriented era
Henry Ford “customers can have any color they want as long as it’s black
sales-oriented era
Great depression and World War II. consume less or manufactor items themeselces
market-oriented Era
After WWII, focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services
Value-Based Marketing Era
transcended a production or selling orientation and attempt to discover and satisfy their customer’s needs and wants
how do firms become value driven?
sharing information, balancing benefits with costs, and building relationships with customers
why is marketing important?
can be entrepreneurial, expands global presence of companies, ties companies together, and extremely important in society

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