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MKTG Checklist Study Guide 1

MKTG Checklist Study Guide 1 - Marketing Overview •...

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Unformatted text preview: Marketing Overview • Marketing o The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large o Marketing is a process that focuses on delivering value and benefits to customers, not just selling goods, services, and/or ideas Marketing uses communication, distribution, and pricing strategies to provide customers and other stakeholders with the goods, services, ideas, values, and benefits they desire when and where they want them Marketing also entails an understanding that organizations have many connected stakeholder “partners": including employees, suppliers, stockholders, distributors, and others • Types of organizations that use marketing o Businesses o Government units o Non-profit organizations o Cause related organizations • Scope of marketing o What is marketed? Goods, services, and ideas o Who buys? Ultimate consumers Organizational buyers • For internal use • For resale (wholesalers, retailers) • Manufacturers (components) o Consumer benefits? Utility • Consumption • Convenience • Customer value o The relationship between benefits and the sacrifice necessary to obtain those benefits o Value is the ratio of the benefits received (usually goods or services) to what is given up (usually money) o For a transaction to take place, the benefits received must usually be greater than the sacrifice o Note that a high price product may be a good value to the customer even if a high price is paid if the perceived benefits received are higher o A low priced product may not represent value to a customer if the benefits received are perceived to be low, too o Different customer segments will have different value perceptions o A product which is adapted to the needs of a particular segment can be very valuable to that segment even if the overall “quality” is not seen as superior by most other consumers o Providing value to customers Lower prices Reliability/consistency Extra services Special segment need • Conditions that must be met for marketing to occur o 2 + parties (with unsatisfied needs) o Desire and ability to satisfy these needs o A way to communicate o Something to exchange This doesn’t have to be money—barter and trading is common in some industries and in certain international deals • The marketing concept vs. the selling concept o Marketing concept Focus on finding (or creating) consumer needs and satisfying them...
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MKTG Checklist Study Guide 1 - Marketing Overview •...

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