Marketing Basics
This discipline plans for and presents an organization’s products in ways that build customer relationships.
What is marketing?
Creating value through the design of products and services.
What is product?
This early orientation focused on creating and distributing innovative products, not necessarily on customer needs.
What is product orientation?
Marketers start here by collecting information about customers and competitors.
What is customer-relationship management?
This type of marketing transaction occurs when one business sells to another.
What is B2B marketing?
The process of trading things of value so both buyer and seller are better off.
What is an exchange?
Transacting value by deciding what buyers give up in money, time, or effort.
What is price?
A “make-and-push” approach centered on selling as much as possible.
What is sales orientation?
Balancing this pair creates value.
What are benefits and costs?
When a firm sells directly to end consumers.
What is B2C marketing?
A basic necessity such as food, clothing, or shelter.
What is a need?
Delivering value by getting a product to the right customer at the right time.
What is place?
An approach that starts by researching what customers want before designing products.
What is market orientation?
Developing long-term connections with customers is known as this orientation.
What is relational orientation or relationship marketing?
When consumers sell goods or services to one another online.
What is C2C marketing?
When a consumer decides how to satisfy a need, it becomes this.
What is a want?
Communicating value by informing and persuading potential buyers.
What is promotion?
A modern philosophy focused on People, Profits, and Planet.
What is value-based orientation or the triple bottom line?
Firms increasingly do this by using social media and digital platforms.
What is connecting with customers online?
This term describes all companies and processes that move a product from maker to consumer.
What is the supply chain?
The concept describing how benefits compare to costs in a purchase.
What is value?
Together, these four elements make up this core marketing framework.
What is the marketing mix?
Together, these four approaches show how marketing thinking has evolved over time.
What are the four marketing orientations?
Customers sometimes collaborate with companies to design their own products, a process called this.
What is value co-creation?
Reflecting the social impact of marketing, this concept adds People and Planet to Profit
What is the triple bottom line?