Podcast
Questions and Answers
What is the main focus of the selling concept in marketing management?
What is the main focus of the selling concept in marketing management?
- Implementing a large-scale selling and promotion effort (correct)
- Identifying long-run interests of society
- Developing an integrated marketing program
- Understanding target markets
According to the marketing concept, what should a company do to outperform competitors?
According to the marketing concept, what should a company do to outperform competitors?
- Focus on societal marketing
- Implement a comprehensive marketing program
- Undertake large-scale selling efforts
- Know and deliver better customer satisfactions (correct)
What is the key consideration in societal marketing according to the text?
What is the key consideration in societal marketing according to the text?
- Ignoring the company's long-term goals
- Balancing consumer wants, company requirements, and society's long-run interests (correct)
- Focusing solely on consumers' short-term wants
- Addressing only the company's requirements
Which components make up the marketing mix mentioned in the text?
Which components make up the marketing mix mentioned in the text?
What does an integrated marketing program aim to do as per the text?
What does an integrated marketing program aim to do as per the text?
Which marketing orientation emphasizes understanding and fulfilling target market needs better than competitors?
Which marketing orientation emphasizes understanding and fulfilling target market needs better than competitors?
In which orientation does a company focus on balancing consumer wants, company requirements, and society's long-run interests?
In which orientation does a company focus on balancing consumer wants, company requirements, and society's long-run interests?
What distinguishes the societal marketing orientation from other marketing orientations?
What distinguishes the societal marketing orientation from other marketing orientations?
What sets apart an integrated marketing program from a simple marketing mix?
What sets apart an integrated marketing program from a simple marketing mix?
What should a company prioritize under the marketing concept?
What should a company prioritize under the marketing concept?
Flashcards
What is Marketing?
What is Marketing?
The process of creating value for customers and building strong relationships to capture value in return.
Customer Need
Customer Need
A state of felt deprivation for basic items such as food and safety.
Customer Want
Customer Want
Human needs shaped by culture and individual personality, directed toward specific satisfiers.
Demands
Demands
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Market Offerings
Market Offerings
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Marketing Myopia
Marketing Myopia
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Value Proposition
Value Proposition
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Marketing Mix (The Four P's)
Marketing Mix (The Four P's)
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Production Concept
Production Concept
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Product Concept
Product Concept
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Study Notes
What Is Marketing?
- Marketing is a process that creates value for customers and builds strong customer relationships to capture value from customers in return.
The Marketing Process
- The marketing process involves understanding the marketplace and customer needs, designing a customer value-driven marketing strategy, and preparing an integrated marketing plan and program.
Understanding the Marketplace and Customer Needs
- Customer needs are states of deprivation, while wants are needs with specific objects that will satisfy them.
- Demands are wants backed by buying power.
- Market offerings are combinations of products, services, information, or experiences that satisfy a need or want.
- Marketing myopia occurs when companies focus only on existing wants and lose sight of underlying consumer needs.
Customer Value and Satisfaction
- Customer value is the unique benefit that a company offers to its customers.
- Customer satisfaction is a function of the customer's expectation and perceived performance.
Exchanges and Relationships
- An exchange is the act of obtaining a desired object from someone by offering something in return.
- Marketing actions aim to create, maintain, and grow desirable exchange relationships.
Markets
- A market consists of all the potential customers sharing a particular need or want.
Designing a Customer Value-Driven Marketing Strategy
- Marketing management involves choosing target markets and building profitable relationships with them.
- Market segmentation divides markets into segments of customers, and target marketing involves selecting which segments to target.
Selecting Customers to Serve
- A company's value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs.
Marketing Management Orientations
- The production concept focuses on providing products that are available and affordable.
- The product concept focuses on continuous product improvements to offer the best quality, performance, and features.
- The selling concept focuses on large-scale selling and promotion efforts to convince customers to buy.
- The marketing concept involves knowing the needs and wants of target markets and delivering satisfaction better than competitors.
- The societal marketing concept considers consumers' wants, company requirements, and long-run societal interests.
Preparing an Integrated Marketing Plan and Program
- The marketing mix consists of the four Ps: product, price, promotion, and place.
- An integrated marketing program is a comprehensive plan that communicates and delivers intended value to chosen customers.
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