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Marketing

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(discipline) organizational function and set of processes for creating, communicating, and delivering value to customers.

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customer value

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perceived value, both monetary and non monetary , that customers receive from a product compared to the cost associated with obtaining it

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example of customer value

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customers complain that the restaurant only serves domestic beer it introduces a new line of beer to restaurant; thus providing its customers with benefits to meet its needs

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supply chain

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set of multiple companies directly linked by one or more of the upstream and downstream flow of products, services, finances, and information from a source to a customer

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logistics

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part of the supply chain management that plans, implements, and controls the flow of goods, services and information between the point of origin and final consumer

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stages from the earliest to the latest of how marketing has evolved throughout history.

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production oriented, sales orientation, marketing concept, and relationship marketing

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indicative thinking of the production orientation era

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quality products will sell themselves

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thinking behind the sales orientation era of marketing

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we need to persuade customers to buy our products so they don't buy from our competitors (great depression)

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example of applied marketing concept

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manager Evans spend time training his customers in customer service and reciting the motto that employees do what ever it takes to satisfy customer's need

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value

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marketers create value for customers when they develop products that allow customers to satisfy their needs and wants through exchange relationships

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term exchange in marketing

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buyers and seller trading things of value so that each is better off as a result

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needs

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clothing, food and shelter

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wants

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forms that human needs take as they are shaped by personality, culture, and buying situation

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need and want example

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ad: teenagers in a car driving pass the highway. passengers see a mcdonalds all agree to go eat there. food= need mcdonalds= want

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4Ps of marketing mix

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product, place, promotion and price

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marketing mix

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everything a firm can do to influence demand for its good, service, or idea

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product

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marketing mix element must be addressed first since it is the element that all decisions revolve around

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price

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marketing mix element that describes what a buyer exchanges with a seller in order to obtain a product

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production orientation

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efficient process in manufacturing that resulted in quality products and reduced unit cost

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final step of ethical decision-making framework

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monitor and assess the quality of the decision

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non-profit organizations

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charities, churches and some hospitals and universities

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trends that are effecting modern marketing

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consumer emphasis on social responsibility increased use of social media consumer emphasis on ethical practices increase in global competition

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ethics

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moral standard expected by a society

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corporate social responsibility

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organizations obligation to maximize its positive impact and minimize its negative impact on society

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questions that relate to place element of marketing mix

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How much inventory should I keep? Place includes activities a firm undertakes to makes its product available to potential customers (decisions on suppliers, delivery and inventory)

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global marketing

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consciously address its customers, markets and competition throughout the world

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brand

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the name term symbol, design, or any combination of these that identifies and differentiates a firms product

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ethical question related to product element of marketing mix

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What safety risks might our product pose? Should we use environmentally-friendly packaging even if it cost more?

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code of ethics developed by?

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american marketing association

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company internal stakeholders

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managers, owners, and employees

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stakeholders responsibility

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firm is concern with the obligations it has to those who can affect whether or not it achieves it objectives, the firm is focusing on

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promotion

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marketing mix that involves all activities that communicate value of a product and persuade customers to buy it

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Ethical Values spell out in the AMA's code of ethics

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Honesty, Transparency, Citizenship, Responsibility, Fairness

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relationship marketing

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marketing strategy that focuses on attracting, maintaining, and enhancing customer relationship

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Technology in marketing

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Data collected frm the Pew Research center in 2010 indicated that for the first time in decades, the number of cable television subscribers in the US has declined

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social media

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term used to describe a group of internet-based applications that allow the creation of user-generated content (inexpensive form of promotion)

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true statement

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professionally speaking, the same marketing principles used in business setting can help you market yourself and help you reach your professional goals

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three statement from Steve Devore attribute to making him successful at his job

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you have to be restless. success depend heavily on relationships. a little luck goes a long way.

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false statement

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marketing products and services, marketers do not need to be concern with any ethical implications of their actions because the consumers bears the ultimate responsibility to determine whether or not a product is needed

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A firm sells its product in outlets all around the country. Having an efficient supply chain is critical if the firm wishes to

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deliver value

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place

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decisions regarding logistics and managing the supply chain take place here

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price example

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a firm wonders if it should price its products differently based on the affluence of the market

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true statement (product)

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even in a healthy economy, over 80% of all products fail.

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promotion example

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manager is concern whether his advertising campaign focuses on attacking the competitors product rather than highlighting it benefits of its own product

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marketing market characteristic

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desire to satisfy the needs of customers

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promotion element

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advertising, public relations, personal selling and sales promotion

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NAFTA

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trade agreement between United States, Canada, and Mexico

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CSR example

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firm suppliers and distributors must adhere to responsible business practices. Company makes sure that its production proceses uses little water and it uses recyclable materials. sets up charities in developing countries to provide education for the children employees

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stakeholder responsibility

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toy manufacturer strives to make toys that are safer for children and make a profit at the same time

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what opportunities for personal gain might tempt a firm's supplier?

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question related to place element of marketing mix

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communicate value

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trisha tasty treats is having a grand opening on saturday. Have a advertising event in the local paper and sent bakery menu to all households in the area along with a fifty off coupon (most likely trying to)

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three things that shape a person want

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personality, buying situation, and culture

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exchange example

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local family advertises a 5k run to raise awareness for diabetes since one of ther kids has diabetes. Felicia likes to run, decides to pay the fee to participate and felt good about helping out the family. (marketing exchange? yes because participating in the run was exchanged for felicia feeling of satisfaction for helping out the family)

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what is the premise behind the marketing concept stage in the evolution of marketing?

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satisfy the needs of customers

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