BM 1

• Marketing is about identifying and meeting human and social needs.
• One of the shortest good definitions of marketing is “meeting needs profitably.”
• The fear of the Lord is the beginning of knowledge; fools despise wisdom and instruction.
• Food for thought.
• 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.
• Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
• Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
• Financial success often depends on marketing ability.
• Marketing’s value extends to society as a whole.
• Marketing helps to introduce new or enhanced products that ease or enrich people’s lives.
• Successful marketing builds demand for products and services, which, in turn, creates jobs.
• Successful marketing also allows firms to more fully engage in socially responsible activities.
• When Google recognized that people needed to more effectively and efficiently access information on the Internet, it created a powerful search engine that organized and prioritized queries.
• When IKEA noticed that people wanted good furnishings at substantially lower prices, it created knockdown furniture.
• Marketers market 10 main types of entities: goods, services, events, experiences, persons, places, properties, organizations, information, and ideas.
• A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect.
• Negative demand is when consumers dislike the product and may even pay to avoid it.
• If two parties are seeking to sell something to each other, they are both marketers.
• Nonexistent demand is when consumers may be unaware of or uninterested in the product.
• Latent demand is when consumers may share a strong need that cannot be satisfied by an existing product.
• Declining demand is when consumers begin to buy the product less frequently or not at all.
• Irregular demand is when consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.
• Full demand is when consumers are adequately buying all products put into the marketplace.
• Overfull demand is when more consumers would like to buy the product than can be satisfied.
• Marketing environment is the combination of external and internal factors and forces which affect the company's ability to establish a relationship and serve its customers.
• Needs are the basic human requirements such as for air, food, water, clothing, and shelter.
• Core marketing concepts include needs, wants, and demands, target markets, positioning, segmentation, offerings and brands, value and satisfaction, marketing channels, supply chain, competition, and marketing environment.
• Offerings and brands are ways for companies to address customer needs by putting forth a value proportion, set of benefits that satisfy those needs.
• Marketing environment of a business consists of an internal and an external environment.
• Economists describe a market as a collection of buyers and sellers who transact a particular product or product class.
• A market is a physical place where buyers and sellers gather to buy and sell goods.
• Simple marketing system is a type of market where the customer's needs are met by a single supplier.
• Segmentation, target marketing, positioning, and target markets are used to identify distinct segments of buyers by identifying demographic, psychographic, and behavioral differences between them.
• Wants become needs when directed to specific objects that might satisfy the need.
• Key customer markets include consumer markets, business markets, global markets, nonprofit/government markets.
• Value is when a consumer perceives that they will get a good deal from the company, brand, product or service.
• Customer satisfaction occurs after the consumer has become a customer.
• Service channels include warehouses, transportation companies, banks, and insurance companies.
• Communication channels deliver and receive messages from target buyers and include newspapers, magazines, radio, television, mail, telephone, billboards, posters, fliers, CDs, audiotapes, and the Internet.
• Distribution channels are used to display, sell, or deliver the physical product or service(s) to the buyer or user.