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summary marketing the core 9th edition Kerin 9781260729184 complete book summary test bank questions 1 / 4
summary marketing the core 9th edition Kerin 9781260729184 complete book summary test bank questions 2 / 4
summary marketing the core 9th edition Kerin 9781260729184 complete book summary test bank questions All most important visuals included Chapter 1 Marketing
Marketing:
• Discover needs and wants of customers • Satisfy them Marketers try to convince/con/fool people to buy things people don't need but want
Exchange:
Trade things of value between buyer and seller so each is better off
Most popular medium of exchange: money
Sometimes you get to negotiate the exchange, sometimes you don't
Requirements for marketing to occur:
• 2+ parties with unsatisfied needs • A desire and ability to be satisfied • A way for the parties to communicate • Something to exchange Consumers may not know or cannot describe what they need or want Most new products fail 3 / 4
summary marketing the core 9th edition Kerin 9781260729184 complete book summary test bank questions
The challenge:
• Focus on consumer benefit • Learn from past mistakes Potential consumers: The market: can be big (Coca-cola) or small (Ferrari: 12,000 cars/year) The market provides information about needs to the Org's marketing dept Org marketing dept discover consumers needs by reseraching, then create concepts for products Org marketing dept satisfy consumer needs by designing a marketing program having the right
combination of:
•
Product: satisfy customer's wants and needs
•
Price: value of products, how much they cost
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Promotion: communicate why products are of value to customers
•
Place: where customers can get the products
This combination is the marketing mix and they are all controllable factors Org marketing dept provides products, svs and ideas (politics) to the market
Market: people with both desire and ability to buy a specific offering
Target market: groups of customers targeted by marketing programs
Customer value proposition: benefits promised to customers to satisfy their needs Environmental forces: uncontrollable factors: • Social • Economic • Competitive
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