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BUS 360 Ch 1

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Marketing is more than selling and advertising
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marketing compared to bike example
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marketing helps customers buy a bike that feeds their needs (size & height)
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what a manager should do before producing or selling a bike
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1. needs of people 2. how many people and where 3. identifying competitors 4. predicting the designs 5. determine if it should be sold to direct consumers or retailers 6. potential customers 7. estimate prices for profit 8. provide service but how?
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the 8 bike activities are not part of production
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but they provide the needed direction for production to make sure the right goods and services are produced to find a way to customers.
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marketing plays an essential role in
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providing consumers with needs to satisfy goods and service and creating customer satisfaction.
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customer satisfaction
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the extent to which a firm fulfills a customer’s needs, desires and expectations.
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marketing is important to every customer
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marketing drives organizations to focus on
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what it takes to satisfy the customer.
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who pays for the cost of marketing activities?
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consumers
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what is the cost of marketing?
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about 50 cents of every consumer dollar and some much higher.
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basic principles of marketing in every organization
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being able to “sell” ideas (resume, selling soap)
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how will your job be more successful using a marketing approach?
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figures out how to satisfy the needs of an employer the same way business looks at customers.
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how does marketing affect innovation & standard of living?
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it plays a big part in economic growth and development because it encourages research and innovation.
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innovation
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the development and spread of new ideas, goods and services.
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as firms offer new ways of satisfying consumer needs
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customers have more choices and the foster competition for consumers money.
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competition drives down prices
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when firms development satisfying products
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fuller employment and higher income can result.
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what type of views of marketing are there?
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micro and macro views
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a producer must perform many customer related activities than just
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making the product
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marketing takes goods and services from thousands of organizations to satisfy the needs of society but
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needs a marketing system to organize efforts of producers, wholesalers, and retailers to satisfy needs.
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microview
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set of activities performed by organizations.
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macro view
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viewed as a social process
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when people take about marketing what view do they usually have in mind?
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macroview
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broader macroview definition
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looks at the whole production, the distribution system
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marketing definitikn
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the performance activities that seeks to accomplish an organizations objective by anticipating customer or client needs and directing the flow of needs satisfying goods and services from producer to customer or client.
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marketing applies to both
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profit and non profit organizations
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objective for most firms
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profit but others may seek more members
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consumer clients
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individual consumers, business firms, non profit organizations, government agencies or foreign nations.
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while costumer and clients pay for goods and services, others reciece
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it for free or reduced through private or government support.
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Marketing isn’t just selling or adversities or getting rid of products but
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it aims to identify customer needs so well that the product sells itself. (physics good, service or idea)
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if marketing is successful
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customers don’t need much persuading and are satisfies and willing to buy again *
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marketing should being with potential customer needs and not
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the production process
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anticipated needs go before marketing
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rather than production and should goods and services to be developed.
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determined goods and services before sale
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decisions about production features. design and packaging. prices and fees. transporting and storing policies. advertising and tactics.
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after sale
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installation customer service warrant disposal / recycling
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marketing means interpret customer need by providing direction for activities and try to cordon age them
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doesn’t mean marketing should talk overproduction, accounting and financial activities.
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marketing involves exchanges
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need satisfying offerings implies that there’s an exchange of the need satisfying offering or something else such as a customers money.
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marketing focuses on facilitating exchanges
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marketing doesn’t occur unless
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two or more parties are willing to exchange something for something else. (example: pure subsistence economy)
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pure subsistence economy
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when each family unit produces everything it consumes, there is no need to exchange goods and services and no marketing is involved m. (standard of living is relatively low)
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marketing builds a relationship with the customer
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rather than just a single sale, it has an ongoing relationship with the customer and other sales will follow
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flow of need satisfying goods and services
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part of building a long lasting relationship that benefits both the firm and the customer.
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managerial marketing =
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the micro view of marketing
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what is the term firm used for?
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a shorthand way of referring to any type of organization, whether its a political party, religious organization, government agency.
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new ventures started by one person or big corporations, are equally critical whether the customers are individuals or some type of organization
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micro marketing
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marketing within individual firms. their organizations are just small parts of a larger macro marketing system.
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macro marketing
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a social process that directs the economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplished the objectives of society.
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macro marketing is concerned with the flow of
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need satisfying of goods and services from producer to customer.
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macro marketing is not
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on the activities of individual organization.
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macro marketing emphasis is on
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how the whole marketing system works and looking at how marketing affects marking and vice versa.
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within every society there are both
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heterogeneous supply capabilities and heterogenous demands for goods and services.
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the role of macro marketing sis to match this
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heterogeneous supply and demand at the same time accomplish society’s objectives.
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the effect of macro marketing:
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delivers the goods and services that customers want, at the right time and place, and right price, while keeping them satisfied and returning customers.
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separation between producers and consumers
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the exchange between is hampered by spatial separation, separation in time, separation of information and values and separation of ownership.
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firms that produce and sell large amounts of narrow assortment of goods and services allows them to take advantage of
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mass production within its economies of scale
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economies of scale
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as a company produces larger numbers of a particle product, the cost of each unit of the product goes down.
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most consumers only want to buy a small quantity but
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they also want a wide assortment of goods and services.
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what complicates exchange between producers and consumers?
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discrepancies of quantity and discrepancies of assortment.
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while each producer specializes in producing and selling large amounts of a narrow assortment of goods and services, each consumer
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wants only small quantities of a wide assortment of goods and services.
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the purpose of a macro marketing system is to overcome:
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these separations and discrepancies and use the “universal functions of marketing” to do so.
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universal functions of marketing:
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are buying, selling, transporting, storing, standardization and grading, financing, risk taking and market information which must be performed in all macro marketing systems.
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how these functions of marketing are performed and by whom differ among nations and economic systems.
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buying function:
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means looking for and evaluating goods and services.
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selling function:
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involves promoting the product. includes the use of personal selling, advertising, customer service, and other direct and mass selling methods.
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the most visible function of marketing:
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selling function.
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any kind of exchange usually involves:
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buying and selling.
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transporting function:
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means the movement of goods from one place to another.
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storing function:
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involves holding goods until customers need them.
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standardization and grading:
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involves sorting products according to size and quality. this makes buying and selling easier because it reduces the need for inspection and sampling.
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financing:
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provides the necessary cash and credit to produce, transport, store, promote, sell and buy products.
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risk taking:
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involves bearing the uncertainties that are part of the marketing process. a firm can never be sure that customers will want to buy its products.
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market information function:
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involves the collection, analysis, and distribution for all the information needed to plan, carry out, and control marketing activities, whether in the firms own neighborhood or in a market overseas.
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exchanges are often easier or less expensive when a _______ performs some of the marketing functions.
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marketing specialist.
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intermediary
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someone who specializes in trade rather than production – plays a role in the exchange process.
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two basic types of intermediaries:
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retailers and wholesalers.
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while wholesalers and retailers must charge for services they provide, this charge is usually offset by:
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the savings of time, effort, and expense that would be involved without them.
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intermediaries make the whole macro marketing system:
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more efficient and effective.
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marketing specialists may also help smooth exchanges between:
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producers, consumers or intermediaries.
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collaborators:
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firms that facilitate or provide one or more of the marking functions other than buying and selling.
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collaborators include:
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advertising agencies, marketing research firms, public warehouses, transporting firms, communications companies and financial institutions (including banks).
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new types of marketing specialists evolve when:
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there are opportunities to make exchanges between producers and consumers more efficient or effective.
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growth of the internet provided one such opportunity and resulted in the rapid growth of _____.
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E-commerce.
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E-commerce:
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refers to exchanged between individuals or organization of information technology.
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Internet immediaries:
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amazon or ebay. help out the cost of many marketing functions.
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facilitate informational search:
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google
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lowering the marketing function costs allows:
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producers and consumers to spend more time on production, consumption or other activities including leisure.
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from a macro marketing view, all the marketing functions must be performed by someone:
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an individual producer, consumer, intermediary, marketing collaborator, or nations government.
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in macro marketing no function can be:
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completely eliminated.
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in micro marketing, every firm must perform:
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all of the functions.
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not all goods and services require all:
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the functions at everts level of their production. (pure services)
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pure services don’t need _____.
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storing. for example a plane ride.
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if marketing functions are not performed effectively and efficiently:
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the performance of the whole macro marketing system will suffer.
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economic system:
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the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in society.
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all economic systems must develop:
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some method with appropriate economic institutions to decide what and how much is produced and when, who and why.
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two basic kinds of economic systems:
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command economies and market directed economies.
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no economy is entirely:
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command oriented or market directed. most are a mixture of the two extremes.
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command economy:
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government officials decide what and how much is to be produced and distributed by whom, when, to whom and who. these decisions are usually part of an overall government plan.
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command economies are also called:
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planned economies.
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economic plans by a government, often:
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don’t work out as intended.
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producers in a command economy:
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generally have little choice about what goods and services to produce. main task is to meet the production quotas and services.
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in a command economy, government planners:
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set the prices and tend to be rigid or not changing according to supply and demand. consumers have some freedom of choice and assortment of goods and services are limited.
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in a command economy, the following are usually neglected:
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activities such as marketing research, branding, and advertising.
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government planning in command economy may work fairly well as long as:
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an economy is simple and the variety of goods and services is small.
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government planning in command economy my be necessary under the following conditions:
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during wartime, drought or political instability.
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around the world there is a broad move toward:
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market directed economic systems because they are more effective in meeting consumer needs.
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a market directed economy
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adjusts itself.
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market directed economy definition:
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the individual decisions of the many producers and consumer make the macro level decisions for the whole economy.
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in a pure market directed economy:
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consumers make a societies productions decisions when they make their choices in the marketplace. they decide what is to be produced and by whom through their dollar “votes”.
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price is measure of value:
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is a rough enough measure of how society values particular goods and services. (pg 14)
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greatest freedom of choice:
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consumers arent force to buy any good and services except those provided for the good of society (covered in taxes: schools, police)
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producers greatest freedom of choice:
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free to do do what they wish within the rules set by the government and receive enough dollar “votes” from consumers. if the job is done well they earn profit and stay in business.
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profit, survival and growth are not guaranteed.
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the role of the government:
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society assigns supervision to the government by enforcing the rules of the game. they control the interest rates and the supply of money, import and export rules that affect international competition.
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government also tries to be sure that:
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property is protected, contracts are enforced, individuals are not exploited, no group unfairly monopolizes markets and producers deliver what they claim to be offering.
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public interest groups and consumers spread the word:
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provide an additional check on a market directed economy. can report their reviews of positive or negative information.
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is macro marketing system effective and fair?
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must be evaluated in terms of that societies objectives but all nations don’t share the same objectives.
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5 stages of marketing evolution
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1. simple trade era 2. production era 3. the sales era 4. marketing department era 5. marketing company era
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some managers still have not made it to the final stages of eras.
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they are stuck in their old ways.
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simple trade era:
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a time when families traded their surplus output to local distributors. these specialists resold the goods to other consumers or distributors.
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production era:
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from the industrial revolution to 1920s. a time when a company focuses on production of a few products – perhaps because few of these product are available in the market. “early producers for the market”
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production era management thinking:
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“if we make it, it will sell”
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sales era:
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about 1930-1950. a time when a company emphasizes selling because of increased competition. beat the competition and win customers.
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marketing department era:
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a time when all marketing activities are brought under control of one department to improve short run policy planning and to try to integrate the firms activities.
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sales era problem:
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deciding where to put the company’s effort.
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marketing company era:
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since 1960. a time when, in addition to short run marketing planning, marketing people developed long range plans – sometimes 5 or more years ahead and the whole company effort is guided by the marketing concept.
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marketing concept:
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an organization aims all of its efforts at satisfying its customers – at a profit. its simple, very important and been around for a long time.
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production orientation:
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making whatever products are easy to produce and trying to sell them. they think customers exist to buy the firms output rather than of firms existing to serve customers an needs of society.
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well managed firms have repaved production orientation with:
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marketing orientation
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marketing orientation
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trying to carry out the marketing concept. instead of just trying to get customers to buy what the firm has produced, a marketing oriented firm tries to offer customers what they need.
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three basic ideas of the marketing concept:
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(1) customer satisfaction. (2) a total company effort (3) profit – not just as sales but as an objective.
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each department in a firm thought of its own job as the center of business:
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this still happens in many companies today.
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term used for narrow thinking problem used in a business
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production orientation
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although different departments should work together, they tend to:
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build fences around their departments.
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when do the fences come down between different departments?
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in an organization that has accepted the marketing concept. total system is guided by what customers want instead of what each department wants.
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marketing concept provides guidance for all:
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departments and not just the marketing departments.
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profit:
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the difference between a firms revenue and its total costs. bottom line measurement of the firms success and its ability to survive.
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triple bottom line:
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measures an organizations economic, social and environmental outcomes as a measure of long term success. profit – economic outcome. social – how the company’s business activities affect its employees and other people in the communities where it operates. environment responsibility – seeking to at least not to harm the natural environment.
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triple bottom line is sometimes referred to as:
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measures of people, planet and profit.
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adoption of the marketing concept is not universal.
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marketing concept forces the company to:
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think through what it is doing and why.
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to understand what it takes to satisfy a customer:
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take the customers point of view.
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customer looking at marketing offering from 2 perspectives:
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(1). deals with potential benefits of that offering. (2) what the customer has to give up to get those benefits.
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customer value:
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the difference between the benefits a customer sees from a market offering and costs of obtaining those benefits. it does not come from a low price.
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a good or service that doesn’t meet a customers needs, results in:
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low customer value, even if the price is very low.
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a managers objective and thorough analysis may not accurately reflect a customers impressions:
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manager looks for ways to improve what it offers customers but customers have no way of computing a value score.
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where does competition fit in?
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you can’t ignore competition. the best way to improve customer value and beat the competition is to first satisfy a need that others haven’t even considered. `
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building relationships with the customers requires that:
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everyone in a firm work together to provide customer value customer value before and after each purchase. long term.
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newcomers to market thinking:
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as important for non profit organization as it is for business firms.
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non profit supporters may not come from satisfied “customers”:
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they have supporters, who put in their time and money elsewhere.
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what is the bottom-line when applying the marketing concept to a non profit organization ?
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when everyone in an organization agrees to some measure of long run success, it helps the organization focus its efforts.
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some non profit organizations may not be organized for marketing.
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micro macro dilemma:
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what is good for some firms and consumers, may not be good for society as a whole.
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society’s needs must be considered.
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social responsibility:
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a firms obligation to improve its positive effects on society and reduce it negative effects. sometimes requires difficult trade offs.
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should all consumers needs be satisfied?
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there are many products such as alcohol, marijuana and others that may be bad for you. should governments or consumers make the decisions about what products to offer?
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do all marketers act responsibly?
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not all act in a socially responsible manners. sometimes firms or individuals advance their own short term interests at the expense of customers. we debate whether its better to let the buyer beware or enact stricter government regulation. ex: when brokers still sold homes to people who couldn’t afford it.
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the marketing concept guides marketing ethics.
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marketing ethics:
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the moral standards that guide marketing decisions an actions.
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problems and criticisms may arise because:
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a manager did not fully consider the ethical implications or a decisions. there is no excuse for sloppiness when it comes to marketing ethics. when a manager does not share the same marketing ethics as others in the organization. one person alone can damage a reputation.
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to be sure that standards for marketing ethics are as clear as possible:
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many proganizations have written their own code of ethics. these codes usually at a general level, the ethical standards that everyone in the firm should follow in dealing with customers and other people/