Podcast
Questions and Answers
What is the starting point of the selling concept?
What is the starting point of the selling concept?
Which of the following focuses on customer needs?
Which of the following focuses on customer needs?
What is market segmentation?
What is market segmentation?
Dividing the markets into segments of customers.
What is the aim of demarketing?
What is the aim of demarketing?
Signup and view all the answers
What does the marketing management orientation focus on?
What does the marketing management orientation focus on?
Signup and view all the answers
The selling concept aims to sell what the customer wants.
The selling concept aims to sell what the customer wants.
Signup and view all the answers
What are the three types of needs defined?
What are the three types of needs defined?
Signup and view all the answers
What constitutes market offerings?
What constitutes market offerings?
Signup and view all the answers
What is an exchange in marketing?
What is an exchange in marketing?
Signup and view all the answers
Define customer value.
Define customer value.
Signup and view all the answers
A market is the set of actual and potential ______ of a product.
A market is the set of actual and potential ______ of a product.
Signup and view all the answers
Study Notes
Marketing Defined
- Marketing is a process where companies create value for customers and build strong customer relationships to gain value from customers in return.
The Selling and Marketing Concepts Contrasted
- The selling concept is an inside-out approach focused on existing products and heavy selling. The goal is to sell what the company makes.
- The marketing concept is an outside-in approach focused on understanding customer needs. The goal is to produce what the customer wants.
- The societal marketing concept considers consumers’ wants, the company’s requirements, consumers’ long-term interests, and society's long-term interests to make marketing decisions.
Selecting Customers to Serve
- Market segmentation involves dividing markets into customer segments.
- Target marketing focuses on the segments a company chooses to pursue.
- Demarketing reduces demand temporarily or permanently. The aim is not to eliminate, but to reduce or shift demand.
Marketing Management Orientations
- The selling concept focuses on convincing consumers to buy products with heavy selling and promotional efforts.
- The marketing concept emphasizes understanding and exceeding customer expectations to achieve company goals.
Customer Needs, Wants, and Demands
- Needs are states of deprivation.
- Physical needs include food, clothing, warmth, safety.
- Social needs include belonging and affection.
- Individual needs include knowledge and self-expression.
- Wants are needs shaped by culture and individual personalities.
- Demands are desires backed by buying power.
Market Offerings: Products, Services and Experiences
- Market offerings are a combination of products, services, information, or experiences offered to satisfy market needs or wants.
- Marketing myopia is focusing only on existing wants and neglecting underlying consumer needs.
Customer Value and Satisfaction
- Marketers should set the right level of customer expectations to ensure customer value and satisfaction.
- Expectations should not be too high or too low.
Exchanges and relationships
- Exchanges involve obtaining a desired object from someone by offering something in return.
- Marketers build strong relationships by consistently offering superior customer value.
A market
- A market consists of actual and potential buyers of a product.
FIGURE 1.2 A Modern Marketing System
- The figure illustrates a modern marketing system with interconnected parties.
- Suppliers, companies, marketing intermediaries, consumers, competitors, and major environmental forces are all part of this interconnected system.
- Each party adds value.
- For example, a retailer is seen as a marketing intermediary which connects consumers and producers. They add value by making products more available.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz explores essential marketing concepts, including the definitions of marketing, contrasting selling versus marketing concepts, and strategies for selecting customer segments. Dive into the key elements that shape customer relationships and value creation within marketing practices.
