Marketing Chapter 1 Flashcards

Marketing Fundamentals

• Marketing involves creating, communicating, delivering, and exchanging valuable offerings for customers, clients, partners, and society.
• The marketing concept emphasizes satisfying customer needs while generating profits for the business.

Goods and Services

• Goods are tangible items with monetary value, fulfilling needs and wants (e.g., cars, furniture).
• Services are intangible offerings that also provide value and satisfy needs and wants.

Distribution and Channel Management

• Channel management, or distribution, focuses on how to deliver goods to customers effectively.

Marketing Information

• Making informed business decisions relies on quality marketing information about customers, trends, and competitors.

Market Planning and Strategy

• Market planning involves developing specific marketing strategies targeted toward selected audiences.

Pricing Strategies

• Pricing determines how much to charge for goods and services to ensure profitability.

Product and Service Management

• Product/service management encompasses acquiring, developing, maintaining, and improving products in response to market opportunities.

Promotion Efforts

• Promotion aims to inform, persuade, or remind customers about a business's offerings.

Selling Process

• Selling ensures customers receive the desired goods and services.

Utility Types

• Utility refers to the added value offerings possess:
  • Form Utility: Transforming raw materials into usable goods.
  • Place Utility: Ensuring product availability where customers can purchase.
  • Time Utility: Making products available at convenient times.
  • Possession Utility: Facilitating the exchange of product for money.
  • Information Utility: Communicating valuable information to customers.

Market Definitions

• A market consists of individuals sharing similar needs and purchasing abilities.
• The consumer market includes individuals buying goods and services for personal use.
• The organizational market (B2B) involves businesses purchasing products for their operations.

Key Market Metrics

• Market share represents the percentage of total sales attributed to competing companies in a general market.
• Target market focuses on a specific group aimed at for marketing programs.

Customer Profiling

• Customer profiles detail information about the target market, such as demographics (age, gender, income level).

Marketing Mix

• The marketing mix consists of the four P's: Product, Place, Promotion, and Price, which guide marketing strategies.