Jeny Erebymar
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Week one - what is marketing

Resource summary

Question Answer
What is marketing Marketing is all about delivering value to everyone who is affected by a transaction
What is the role of marketing in a business It depends on the business, It can be integrated with all business activities or it can be limited to sales and advertising.
What is a stakeholder A person or organisation that has a 'stake' in the outcome
The Marketing Concept
Consumer The ultimate user of a product
Needs VS Wants A need is a necessity while a want is a desire. 'I need food, I want chocolate'
Benefit The outcome that satisfies a need or want and creates the buying power for a product. 'The perceived value a customer gets out of a product'
Demand Consumers desire for a product and the ability to buy the product.
Market All current and potential consumers that share a common need. They must be willing and able to purchase a product as well as having the authority to do so.
Market place Any shop or medium used to conduct an exchange e.g (dairy, shops, supermarkets)
Marketspace Locations (mainly online) where buyers and sellers never meet and only know each other by their usernames. e.g. trade me/online shopping.
What is utility The usefulness consumers receive from buying, using and consuming a product. (thirsty = quenched)
What are four different types of utility form, time, place and possession
What do each a buyer and seller receive from an exchange A buyer receives a product that satisfies a need while the seller receives something (usually money) of equivalent value.
What are four aspects needed for an exchange to take place? 1. At least two people 2. An agreed value of exchange 3. Willingness to trade 4. Free to accept or reject deal
What is a product A bundle of attributes including features, functions, benefits and uses.
What are the three ways a product can take form? A product can be a good, service or an idea
What are the five types of products Consumer goods, consumer services, non-for-profit, business to business and ideas, places and people.
Consumer goods Tangible products purchased by individual consumers for individual or family use
Consumer services Intangible products. Pay for use but never own. Accounts for 60% of GNP
B2B (Business to business) From one organisation to another. Industrial goods are brought for use in business operations.
Non-for-Profit Includes charities, zoos, museums, government and churches.
Ideas, places and people Ideas include community behavior (don't drink and drive) while places include tourist locations and attractions. People models, athletes and other celebrities.
Value The intangible and tangible benefits a consumer receives from a product
Value proposition A marketplace offering that fairly and accurately sums up the value that a customer will realize if he or she purchases the product.
What is 'the life time value of a customer' The profit they expect to make from this customer in the future
Competitive advantage A companies ability to out perform the competition, providing the consumers with a benefit competitors can't provide.
Distinctive competency A companies superior capability in comparison to its direct competitors
Differential Benefits Properties of a product that set them apart from competitors by providing unique benefits
The value chain A series of activities involved in designing, producing, marketing, delivering and supporting any products.
The value chain. Each link has the potential to add or detract value from the product
What are the five steps in making and delivering value
What is the marketing plan A document that describes the marketing environment, objectives and strategy and who is responsible for each part.
What is a market segment A distinct group of customer who a similar to each other in some way.
Mass Market As many customers as possible
Target Market The market segment(s) an organization focuses its marketing efforts on
What are the four P's of the marketing mix Place, product, price and promotion strategies
Product(4 p's) A good, service, idea, place or person. Includes design, packaging, features and associated services
Place (4 p's) The availability of the product to the customer at the desired time and location.
Price(4 p's) The value a customer gives up in exchange for a desired product
Promotion(4 p's) All activities undertaken to inform and encourage customer to buy the product
When and what is the production era? 1900s-1930s. Producing the product as efficiently as possible. Goal is to be the most efficient producer in a mass market
When and what is the selling era? 1930s-1960s. When marketing is primarily viewed as a sales function.
When and what is the consumer era 1960s. A philosophy focused on satisfying consumers needs and wants
When and what is the New era? 1970s-1990s. Improving products so that they meet needs better than competitors. Also sought to benefit employees, shareholders and communities.
When and what is the new millennium? Mid 1990s onwards. Building long term bonds with customers. Customers exchange two things of value: money and information.
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