Intro to Marketing Midterm Review Sheet
Intro to Marketing Midterm Review Sheet
Chapter One: Creating Customer Relationships and Value Through Marketing
Definition of marketing
- the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
Exchange of marketing, what are the 4ps
Exchange: Achieving two goals: 1) discover the needs and wants of prospective customers and 2) to satisfy those needs and wants
- exchange is the trade of things of value between buyer and seller so that each is better off after the trade
What is needed for marketing to occur
1) two or more parties with unsatisfied needs
2) a desire and ability on their part to be satisfied
3) a way for the parties to communicate
4) something to exchange
How does marketing satisfy consumer needs
- Importance of discovering and satisfying consumer needs is critical to understanding marketing.
1) Discovering: The company can either create a product that the consumer doesn’t yet know they need and introduce them to it and educate them on how the product will improve their lives (Apple) or they can ask consumers what they want and create a product based on that
- a need occurs when a person feels deprived of basic necessities such as food, clothing, and shelter. Effective marketing satisfies needs by creating a product that fulfills those needs, and creates awareness of the product at convenient locations so the customer becomes aware that the product will fulfill their need.
- the organization concentrates its efforts on certain needs of a specific group of potential consumers. This is the target market, which is one or more specific groups of potential consumers toward which an organization directs its marketing program.
Customer Value and Relationships
- Customer Value Proposition: a cluster of benefits that an organization promises customers to satisfy their needs.
- Firms gaining loyal customers by providing unique value
Chapter One: Creating Customer Relationships and Value Through Marketing
Definition of marketing
- the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
Exchange of marketing, what are the 4ps
Exchange: Achieving two goals: 1) discover the needs and wants of prospective customers and 2) to satisfy those needs and wants
- exchange is the trade of things of value between buyer and seller so that each is better off after the trade
What is needed for marketing to occur
1) two or more parties with unsatisfied needs
2) a desire and ability on their part to be satisfied
3) a way for the parties to communicate
4) something to exchange
How does marketing satisfy consumer needs
- Importance of discovering and satisfying consumer needs is critical to understanding marketing.
1) Discovering: The company can either create a product that the consumer doesn’t yet know they need and introduce them to it and educate them on how the product will improve their lives (Apple) or they can ask consumers what they want and create a product based on that
- a need occurs when a person feels deprived of basic necessities such as food, clothing, and shelter. Effective marketing satisfies needs by creating a product that fulfills those needs, and creates awareness of the product at convenient locations so the customer becomes aware that the product will fulfill their need.
- the organization concentrates its efforts on certain needs of a specific group of potential consumers. This is the target market, which is one or more specific groups of potential consumers toward which an organization directs its marketing program.
Customer Value and Relationships
- Customer Value Proposition: a cluster of benefits that an organization promises customers to satisfy their needs.
- Firms gaining loyal customers by providing unique value