what is a need?
someone is deprived of basic necessities (food, clothing, shelter etc.)
what is a want?
A
a need shaped by a person’s knowledge, culture and personality
what are the 4 P’s?
- product (a good or service which will satisfy the customer needs and wants)
- place (the means of getting the product to the consumer)
- price (what is exchanged for the product)
- promotion (the means of communication between the buyer and the seller)
what type of factors are the 4 P’s?
- they are all controllable factors
- can be changed by the marketing manager
- when combined together they create a cohesive marketing programme
what are environmental forces?
- influence the marketing activity
- include social, economic, technological, competitive and regulatory
- competition is an uncontrollable factor
what is customer value?
The unique combination of benefits received by targeted buyers that includes quality, convenience, on time delivery, and both before-sale and after-sale service at a specific price.
What is CLV (customer lifetime value)?
how much money a customer will bring your brand throughout their entire time as a paying customer.
What is relationship marketing?
Links the organisation to it’s individual customers, employees, suppliers, and other partners for their mutual long-term benefit.
what is form utility?
giving you the product the way you want it
- By transforming raw materials into finished products
what is place utility?
giving you the product where you want it
- By getting the product to the desired location
what is time utility?
giving you the product when you want it
- Storing products until they are needed or by opening at convenient times
what is possession utility?
helping you purchase, use and enjoy the product
- Advice, installation, finance, and other services can make it possible for you to possess the value in the product
what are the four utilities?
- form
- place
- time
- possession
what is the utility sentence?
Marketing creates its utilities by bridging space (place utility) and hours (time utility) to provide products (form utility) for consumers to own and use (possession utility).
