People - ️️all human actors who influence the buyer's perceptions by being part of
product delivery
-who is going to make it happen
-people are the product in service orgs
Price - ️️The value placed on something being exchanged
-how do we determine price
-what do consumers have to put...
UWEC Marketing 330 - Exam 1
People - ✔️✔️all human actors who influence the buyer's perceptions by being part of
product delivery
-who is going to make it happen
-people are the product in service orgs
Price - ✔️✔️The value placed on something being exchanged
-how do we determine price
-what do consumers have to put into it to get it
What are the Marketing P's? - ✔️✔️Place
Price
Promotion
Product
People
Physical Evidence
Process
Place - ✔️✔️Activities to make products available to consumers at the right time and in
a convenient location
-How do we get things where they need to be
Define 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.
Promotion - ✔️✔️Activities used to communicate to the target market to
Product - ✔️✔️Any good, service, or idea that satisfies a need or want and can be
offered in an exchange
- We have something we are trying to sell
Physical Evidence - ✔️✔️Tangibles that represent or provide clues about the good or
service
-Credit Card
Process - ✔️✔️The actual operational flow of product delivery
-what do customers see or not see
-what do they have to go through
, Marketing Mix - ✔️✔️A managerial derived combination of processes, people, physical
Evidence, product, place, promotion, and pricing decisions that are aimed at satisfying
the needs of a particular target market
-Making sure the P's are working together to reach desired goals of images
The Marketing Concept - ✔️✔️A philosophy stating that an organization should strive
to satisfy the needs of consumers through a coordinated set of activities that also allows
the organization to achieve its objectives
Exchange - ✔️✔️This is the act of trading a product or service for something of
value(money)
-Change the product to match different audiences
What drives exchange? - ✔️✔️The idea that both parties profit. Each person involved
feels like they are getting more then they have to give up
Customer Value - ✔️✔️Ratio of benefits to the sacrifice necessary to obtain those
benefits
Value = Benefits + Lose
How successful are marketers able to satisfy AND keep their profitable customers -
✔️✔️By providing value and offer some competitive advantage
Differentiation and Competitive Advantage - ✔️✔️A Brand's competitive advantage is
where it is different from its competitors and superior in some way
Target Market - ✔️✔️A group of consumers at whom an organization directs its
marketing efforts
- we cannot be everything to everybody
- you must know who your target is
Societal Marketing Concept - ✔️✔️Considers the welfare of society as well as the
interests of the firm and its customers
Strategic Planning - ✔️✔️The process of establishing an organizational mission and
formulating goals, corporate strategy, marketing objectives, and marketing strategy
-what is our goal and what are the tactics to achieve these goals
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