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Marketing Essentials Flashcards
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1
Question
Needs
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Answer
states of felt deprivation (physical needs: food, clothing, warmth and safety; social needs: belonging and affection; individual needs: knowledge and self expression)
2
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Wants
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human needs, are shaped by personal preferences/ culture/ religion; people have unlimited wants but limited resources
3
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Marketing
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is 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 (AMA). Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services”.
4
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Advertising
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is the placement of announcements and messages in time or space by business firms, nonprofit organizations, government agencies, and individuals who seek to inform and/or persuade members of a particular target market or audience regarding their products, services, organizations or ideas (AMA)
5
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Paid Media
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this type of media involves a company paying a publisher to place marketing communications. Examples of paid media include billboards, broadcast and print ads, search engine ads, social media ads and direct mail or email.
6
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Owned Media
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this type of media involves a company using its own channels to place marketing communications. Examples of owned media include retail merchandising, websites and business blogs, brochures, corporate social accounts and press releases.
7
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Earned Media
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this type of media involves external communications about a company from third-party actors. Examples of earned media include online reviews, newspaper or magazine articles, social media endorsements, customer demonstrations and types of external publicity.
8
Question
Marketing process
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focused on familiarizing your brand and product with new customers or refamiliarizing it with former ones. Organizations who are coming up with new ways to market themselves need to clearly explain what their product or service is, how it solves an issue for the consumer and its price points. From there, the marketing team needs to determine who is most likely interested in this product or service and where they can find them.
9
Question
Sales process
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the process for sales includes creating a plan that outlines an organizationʼs actions, tools, resources and overall sales goals. A sales team is most interested in converting those who have some awareness of the brand into customers to earn a profit. They interact with customers and answer their questions to provide relevant information about the product or service.
10
Question
Marketing goals
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a businessʼs marketing goals are to promote its product, company or brand with clear communication. The primary objective is to look at the big picture and clearly explain how the product or service benefits the widest audience possible, generating potential leads.
11
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Sales goals
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a sales team marks their goals based on quotas and volume goals. These tend to be based on a short-term period of time, typically based around the financial quarter or month. Goals and targets are determined by how much the business needs to sell in order to generate enough profit to continue to be operational.
12
Question
Marketing strategies
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tend to be based on gathering information about their targeted audience to see what does and does not work. Once the marketing team knows who theyʼre trying to target with a certain campaign, they can test out strategies. The most popular forms of marketing strategies include internet marketing, print marketing, blog marketing and focus groups.
13
Question
Sales strategies
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are based on connecting with potential customers, talking and listening to them, then converting them into paying customers. A salesperson will typically first contact a prospect through a phone call, at a networking event or online. Then, depending on the scope of the product or service, they will pitch to them in hopes of getting their sale.
14
Question
Marketing Prospects
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the prospects for marketing are larger than those for sales, since theyʼre trying to determine a target audience and create awareness. Those in marketing want to obtain new prospects.
15
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Sales prospects
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the sales department wants to leverage connections with known prospects and existing clientele.
16
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Marketing management
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the art and science of choosing target markets and building profitable relationships with them.
17
Question
Demands
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human wants that are backed by buying power.
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Wants
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the form human needs take as they are shaped by culture and individual personality
19
Question
Demand curve
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a curve that shows the number of units the market will buy in a given time period, at different prices that might be charged.
20
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Marketing
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the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return.
21
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Marketing concept
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A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors
22
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Users
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Members of the buying organization who will actually use the purchased product or service.
23
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Buyers
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People in an organizationʼs buying center who make an actual purchase.
24
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Needs
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States of felt deprivation
25
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Market
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the set of all actual and potential buyers of a product or service.
26
Question
Exchange
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the act of obtaining a desired object from someone by offering something of value in return. There are four basic conditions required for an exchange to take place: - There should be at least two parties, each with something of value to the other party - Each party should be capable of communication and delivery - Each party should be free to accept or reject the otherʼs offer - Each party is believing it appropriate and desirable to deal with the other party
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Buying function
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searching for and obtaining products that will prove attractive to prospective customers.
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Selling function
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prospective customers must be informed and persuaded to purchase these products.
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Transportation
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products must be delivered from producer to buyer
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Storage
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products must be in inventory until they are purchased