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Flashcards by Jeny Erebymar, updated more than 1 year ago
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Created by brooke hattie
about 9 years ago
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Copied by Jeny Erebymar
about 9 years ago
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| 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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