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Introduction to Marketing Concepts

Marketing10 CardsCreated 17 days ago

This deck covers key marketing concepts from the Dynamics of Entrepreneurship, including definitions, exchange processes, marketing gaps, orientations, and strategic management.

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What is marketing?

Marketing is a process where an organization focuses on meeting customer needs and wants by offering desired products at acceptable prices and places, while informing customers through appropriate channels.

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Key Terms

Term
Definition
What is marketing?
Marketing is a process where an organization focuses on meeting customer needs and wants by offering desired products at acceptable prices and places,...
What are the two viewpoints of marketing?
Marketing is both a philosophy focusing on customer satisfaction and a set of activities to implement this philosophy.
What is the concept of exchange in marketing?
Exchange involves activities where a customer gives up something (e.g., money, time) to receive something in return (e.g., product, service).
List the five conditions necessary for an exchange to occur.
1. At least two parties involved. 2. Each party has something of value to the other. 3. Communication between parties. 4. Freedom to accept or reject ...
What are marketing gaps?
Marketing gaps are discrepancies in the exchange process, such as space, time, information, ownership, and value gaps.
What are the main types of intermediaries in marketing?
Middlemen, sales intermediaries, and auxiliary enterprises.

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Introduction to Marketing Concepts
TermDefinition
What is marketing?
Marketing is a process where an organization focuses on meeting customer needs and wants by offering desired products at acceptable prices and places, while informing customers through appropriate channels.
What are the two viewpoints of marketing?
Marketing is both a philosophy focusing on customer satisfaction and a set of activities to implement this philosophy.
What is the concept of exchange in marketing?
Exchange involves activities where a customer gives up something (e.g., money, time) to receive something in return (e.g., product, service).
List the five conditions necessary for an exchange to occur.
1. At least two parties involved. 2. Each party has something of value to the other. 3. Communication between parties. 4. Freedom to accept or reject offers. 5. Desire to deal with each other.
What are marketing gaps?
Marketing gaps are discrepancies in the exchange process, such as space, time, information, ownership, and value gaps.
What are the main types of intermediaries in marketing?
Middlemen, sales intermediaries, and auxiliary enterprises.
Define relationship marketing.
Relationship marketing focuses on building, maintaining, and enhancing long-term relationships with customers and stakeholders.
What are the four marketing orientations?
Production concept, sales orientation, marketing concept, and societal responsibility.
What is strategic marketing management?
Strategic marketing management involves long-term planning and decision-making to ensure growth and survival in a competitive environment.
What is a strategic business unit (SBU)?
An SBU is an independent division that targets specific markets and manages its own production, distribution, and marketing communications.