Principles of Marketing

Principles of Marketing

Marketing offer

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. They are not limited to physical products.

Marketing Offer

• Many sellers make the mistake of paying more attention to the specific products they offer than to the benefits and experiences produced by these products.

• These sellers may suffer from ‘marketing myopia’: they forget that a product is only a tool to solve a consumer problem.

Marketing Offer

Thus, smart marketers look beyond the attributes of the products and services they sell. They create brand meaning and brand experiences for consumers.

Costumer value

• The consumer’s assessment of the product’s overall capacity to satisfy his or her needs.

• Mathematically, the value is calculated by subtracting the cost involved to purchase the product/service from the total benefit the customer receives.

Costumer satisfaction

• Customer satisfaction

  depends on a product’s perceived performance in delivering value relative to a buyer’s expectations.

Exchange

• The act of obtaining a desired object from someone by offering something in return.

• For an exchange to take place, several conditions must be satisfied. At least two parties must participate and each must have something of value to offer the other.

Transaction

• Whereas exchange is the core concept of marketing, a transaction is marketing’s unit of measurement. A transaction consists of a trading of values between two parties: one party gives X to another party and gets Y in return.

Transaction

Not all transactions involve money. In a barter transaction, you might trade your old refrigerator in return for a neighbour’s second-hand television set. Or a lawyer writes a will for a doctor in return for a medical examination.

Market

A market is the set of actual and potential buyers of a product. These buyers share a particular need or want that can be satisfied through exchanges and relationships.

Originally, the term market stood for the place where buyers and sellers gathered to exchange their goods, such as a village square.

Multiple Choice

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

• Demands

• Marketing offer

• Needs

• Wants

Multiple Choice

It's the consumer’s assessment of the product’s overall capacity to satisfy his or her needs.

• Costumer value

• Costumer satisfaction

• Exchange Transaction

Multiple Choice

"The cost is $120 a night for a room" is an example of:

• Exchange

• Transaction

• Relationship

• Market

Multiple Choice

"I'm going to trade vegetables from your garden for cookies with you" is an example of:

• Transaction

• Exchange

• Relationship

Open Ended

What does a marketing network consist of?