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Marketing 360 Test 1 Study Guide

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Chapter 1 - Overview of Marketing
Marketing: 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. * Simply stated, Marketing is all about satisfying needs

Inertia to Passion- Peoples feelings for a certain brand fall between inertia (people who dont care) to passion(people who care way to much) An example of this people writing reviews that are happy or angry are very passionate

Economies of scale- The more we make of an item the lower the cost per item will be

Understand Marketing mix (4 P’s)/Marketing mix from customer perspective (4 Cs) * Product- Product variety, quality, design, (feat, brand name, packaging,sizing, services, warranties, returns) * Promotion- Sales promotion(sample displays), advertising, personal selling, public relations(press releases), direct marketing(telemarketing) * Price- List price, discounts, allowances, payment period, credit terms * Place (distribution)- channels, coverage, locations, inventory, transport

The Four C’s * Customer Solution (Product) * Cost to Customer (Price) * Communication (Promotion) * Convenience (Place)

Exchange: the process by which some transfer of value occurs between a buyer and a seller (trade currency)
Needs: the recognition of any difference between a consumer actual state and some ideal or desired state
Want: the desire to satisfy needs in specific ways that are culturally and socially influenced
Benefit: the outcome sought by a customer that motivates buying behavior that satisfies a need or want
Demand: customers desires for products backed by an ability to pay.

· Criteria for a market Demand? Don’t know if this answers the question, but here’s the definition of a market: Potential…...

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