What are the 4 Marketing Eras?
1) Production
2) Sales
3) Marketing
4) Value Based Marketing
What is Marketing?
... is an organizational function and a set of processes for creating, capturing, communicating, and delivering VALUE to customers and for managing customer relationships in ways that benefit the organization and it's stakeholders.
Why are frozen dessert companies like Ben & Jerry's and Red Mango successful?
They have success because they provide good value to their customers and establish a unique foothold in the market.
What is the core concept of marketing? (i.e. marketing mix)
Product, Price, Place, and Promotion- the controllable set of activities that a firm uses to respond to the wants of its target markets.
What is an exchange?
The trade of things of value between the buyer and the seller so that each is better off as a result.
What are Goods ? Examples?
Goods are items you can physically touch. Ex) Rolex, Nike sneakers, Budweiser, Kraft cheese, Tide, an iPad, ext.
What are Services? Examples?
Services are intangible customer benefits that are produced by people or machines and CANNOT be separated from the producer. Ex) airline tickets, football tickets, concert tickets, ATM, Teller at bank, eye examination, ext.
What are Ideas? Examples?
Ideas are concepts, opinions, and philosophies that can be marketed. Ex) Bike safety assembly
What are the 3 types of Products that Create Value?
Goods, Services, and Ideas.
How do you capture Value with Price?
Price is everything the buyer gives up- money, time, energy- in exchange for the product. The price of the product is determined by the potential buyer's belief about the value. Ex) Airline tickets on xmas eve.
What is Supply Chain Management?
Supply chain management is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction into a seamless value chain in which