15 Questions
According to Maslow's Hierarchy of needs, self-actualization is the most basic need.
False
What is the primary goal of marketing?
To create exchanges that satisfy individual and organization goals
What is the term for wants supported with buying power?
Demands
The American Marketing Association defines marketing as a process of planning and executing the ___________ of ideas, goods, and services.
distribution
Match the following core marketing concepts with their definitions:
Needs = Must have to survive Wants = Desire to have it Demands = Wants supported with buying power Exchange = Buyer and seller trades something of equal value
What is the primary focus of the Production Concept in marketing?
Determining the company's internal potentials
The Sales Concept focuses on maintaining and improving value to long-term relationships.
False
What is the primary goal of the Societal Marketing Concept?
Satisfy needs of consumers with society's benefits
The Relationship Concept focuses on ______________ and maintaining the quality.
loyalty
Match the marketing concepts with their descriptions:
Marketing Concept = Find out and satisfy needs and wants of consumers Production Concept = Internal potentials of the company Relationship Concept = Maintaining and improving value to long-term relationships Sales Concept = Aggressive personal selling and advertising
What is the primary characteristic of a not-for-profit organization?
Earnings allocated to organizational objectives
The key performance indicator (KPI) is a specific metric used to track performance.
True
SMART goals should be ______________ and reasonable.
attainable
What is the primary focus of Place Marketing?
Pulling customers into a specific area, such as tourist attractions or promoting sites.
What is the primary focus of Cause Marketing?
Marketing social issue, cause, or idea to target markets
Study Notes
Marketing Definition and Core Concepts
- Marketing is a form of communicating and promoting the value of a brand, product, or service
- It involves planning and executing:
- Conception
- Pricing
- Promotions
- Distribution of ideas, goods, and services
- Goal: create exchanges that satisfy individual and organization goals
Core Marketing Concepts
- Needs: must have to survive (physiological, safety, belongingness, esteem, self-actualization)
- Wants: desire to have (not essential for survival)
- Demands: wants supported with buying power
- Exchange: buyer and seller trade something of equal value
- Market: composed of people with desire and ability to buy a service or product
Scope of Marketing
- Goods: volume of most countries' production and marketing effort
- Services: growing proportion of activities
- Experiences: organizing a number of services and goods
- Events: time-based events (seasonal)
- Persons: celebrity marketing (products marketed by influencers)
- Places: economic developments (tourist attractions, publicly accessible places)
- Properties: intangible rights of ownership
- Organizations: aggressively labor to create a strong positive image
- Information: production, packaging, and distribution of info
Traditional Concept Marketing
- Marketing strategy to determine if products are a want or need
- Production Concept: internal potentials of the company
- Relationship Concept: maintaining and improving value to long-term relationships
- Sales Concept: aggressive personal selling and advertising (stimulate demand)
- Societal Marketing Concept: satisfy needs of consumers with society's benefits
- Marketing Concept: find out and satisfy needs and wants of consumers while accomplishing organizational goals
Goals and Objectives
- Goals: broad aims, how businesses can benefit from channels, how marketing contributes to the business
- Objective: give clear direction and commercial targets (track performance, assess)
- SMART goals:
- Specific: detailed yet narrowed down info
- Measurable: quantitative and metric/tracked
- Attainable: realistic and reasonable
- Relevant: aligned with objectives
- Time-Based: could be accomplished within the given timeframe
- KPI (Key Performance Indicator): specific metrics (track performance, performance drivers)
Developing Marketing Goals
- Attainability: realistic
- Consistency: exert consistent goals
- Comprehensiveness: formulate own goals relating to org goals
- Intangibility: outcome the org wants to achieve
Not-for-Profit Organization Marketing
- Characteristics:
- Generate as much revenue to support the causes
- Compete with other orgs for donors
- Market to multiple publics
- Possess some degree of monopoly power in the area
- Kinds of non-profit org marketing strategies:
- Person Marketing: use celebs or authority figures (influencers)
- Place Marketing: pull customers into a specific area (tourist attractions, promoting sites)
- Cause Marketing: marketing social issue, cause, or idea to target markets
- Event Marketing: company sponsors activities
- Guidelines:
- Understand Marketing: understand essential elements of marketing to specific target audience
- Support Reputation Causes: choose right charity
- Maintain Transparency
- Think Mainstream: support effort its supporting consistent
Learn the basics of marketing, including its definition, core concepts, and goals. Understand needs, wants, and how to create exchanges that satisfy individual and organizational goals.
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