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Affects every aspect of pur lives

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Marketing

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Making goods and performing services

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Production

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Provides needed direction for production and helps make sure that the right goods and services are produced and find their way to consumers. Seek to accomplish an organizations objectives by anticipating customer needs to satisfy goods and services from producer to client

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Marketing

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Extent to which a firm fulfills customer needs, desires, and expectations

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Customer satisfaction

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50 cents of every dollar

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Marketing costs

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Development and spread of new ideas, goods and services

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Innovation

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Profit and non profit

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Marketing applies to

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Determining what goods and services customers need

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Marketing should begin with

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Two or more parties are willing to exchange

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Marketing doesn't occur unless

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When a family produces everything it consumes

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Pure subsistence economy

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Building long lasting relationships with the company and the customer

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Marketing flow

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How the whole marketing system works, helps match supply and demand

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Macro marketing

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As companies produce more, prices go down

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Economies of scale

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Buying, selling, transporting

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Universal functions of managing

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Looking for and evaluating goods and services

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Buying function

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Involves promoting the product through the use of selling, advertising, customer service and other direct and mass selling methods . Met visible method in marketing

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Selling function

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Sorting products according to size and quality

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Standardization and grading

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The collections, analysis and distribution of all the information needed to plan, carry out, and control marketing activities

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Market information function

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Someone who specializes in trade rather than production Retailers and wholesalers

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Intermediary

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Firms that facilitate or provide one or more of the marketing functions other than buying or selling including advertising agencies, marketing research firms, laboratories, internet, warehouses....

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Collaborators

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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 the society

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Economic system

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Command and market directed

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Two economic systems

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Government officials what and how much is to be produced by whom, when and why Consumers have some freedom of choice Marketing and advertising is neglected

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Command economy

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The individual decisions of the many producers and consumers make the macro level decisions for the whole economy Customers get freedom of choice, producers free to do whatever they wish

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Market directed economy

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Mainly market directed

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An American economy is

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Value

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Price is a measure of

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1. Simple trade era 2. Production era 3. Sales era 4. Marketing department era 5. Marketing company era

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5 stages of marketing

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Families traded or sold their "surplus" output to local distributors

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Simple trade era

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A company focuses on production of a few specific products

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Production era

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Company emphasizes selling because of increased competition

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Sales era

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When all marketing activities are brought under the control of one department to improve short-run policy planning and try to integrate firms activities

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Marketing department era

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And org aims all efforts at satisfying it'd customers at a profit

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Marketing concept

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Making products that are easy to produce then trying to sell them

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Production orientation

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Instead of selling what it can produce, they try to offer what customers need

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Marketing orientation

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Customer satisfaction, company effort, profit

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Three basic ideas of marketing concept

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Measures an organizations economics, social and environmental outcome as a measure of long-term success

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Triple bottom line

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Difference between the benefits a customer sees from a marketing offering and the costs of obtaining those benefits

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Customer value

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To beat the competition and be the first to satisfy a need that others have not considered

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The best way to improve customer value is

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The relationship is weakened

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Anytime a customers value is reduced

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Must make as much as it spends to be successful

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Nonprofits

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What is good for some consumers and firms may not be good for society as a whole

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Micro macro dilemma

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A firms obligation to improve its positive effects on society and reduce its negative effects

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Social responsibility

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The moral standards that guide marketing decisions and actions

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Marketing ethics

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Many critics

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Marketing has

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Process of planning marketing activities, directing the implementation of plans, and controlling plans

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Marketing management process

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Planning strategies to guide a whole company. The managerial process of developing and maintaining a match between and organizations resources and it's market opportunities

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Strategic management planning

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Specifies a target market and a related marketing mix Target market Marketing mix

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Marketing strategy

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Controllable variables a company puts together to satisfy this target group

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Marketing mix

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Aims at everyone

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Mass marketing

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Aims specific customers, not Limited to small market segments

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Target marketing

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Made of four p's

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Marketing mix

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Price, product, promotion, place

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Four p's

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The target for all marketing

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The customer should be

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Involves a physical good, service or blend of both

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Product

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Getting the "right" production to the right place where and when it's wanted

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Place

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Flow of products from producer to consumer

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Channel of distribution

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Telling others about the right product. Includes selling, mass selling and sales promotion

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Promotion

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Face to face over the phone or internet

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Personal selling

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Key to building a business

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Customer service

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Communicating with large numbers of consumers at the same time, main form is advertising

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Mass selling

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Paid, non-personal presentation

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Advertising

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Unpaid form of non personal presentation

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Publicity

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Promotion activities other than advertising, publicity, and personal selling ghost stimulate interest, trial or purchase

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Sales promotion

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Equally important

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All four p's are

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Written statement of a marketing strategy and the time related benefits of carrying out the strategy

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Marketing plan

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What marketing fix will be offered, to whom, now long. What company resources are needed, at what rate What results are expected

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Marketing plan steps

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Short run decisions to help implement strategies

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Operational decisions

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Blends all the firms marketing plans into one "big" one P&G brands

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Marketing program

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It stream of purchases that a customer could contribute to the company over the length of the relationship

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Customer life time value

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The expected earnings steam (profitability) of a firms current and prospective customers over some period of time

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Customer equity

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Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time

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Breakthrough opportunities

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A marketing fixe that is better than a competitors mix

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Competitive advantage

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Use way to organize information

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SWOT analysis

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A company needs to do more than just meet the needs in the same way as another firm

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To get a competitive advantage

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Distinct from what is availible from another competitor

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Differentiation

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Market penetration, marketing development, product development, diversification

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Four basic opportunities

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Trying to increase sales for a firms present products in present markets

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Market penetration

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Trying to increase sales by selling present products to new customers

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Market development

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Means offering new or improved products for present markets

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Product development

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Means moving into totally different lines of business

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Diversification

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Advances e commerce, transportation and communication

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Increased international trade

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Many firms fail to understand cultures

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Risks are higher in foregut countries because

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Economic, technological, political and legal, cultural and social Uncontrollable variables

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External market environment major areas

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Sets the organizations basic purpose for being focusing on a few key goals

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Mission statement

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Guide managers as they search for opportunities. Should be set within the framework of larger objectives

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Marketing objectives

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Realistic and achievable

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Company and marketing objectives should be

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That set it apart

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Every firm has some resources

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Companies that require a large aunt of capital and lack financial strength

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Barriers to enter a market

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20 year monopoly

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Patent

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Affects the number and types of competitors the marketing manager faces and now they behave

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Competitive environment

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Pure competition, oligopoly, monopolistic competition, monopoly

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Four basic market competition situations

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Pure market competition, competitors offer very similar marketing mixes and customers see the alternatives as close situations

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Oligopoly

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One firm completely controls a broad product market and are rare in market-directed economies, government regulated. Marketing managers sometimes differentiate similar products by relying on other elements

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Monologue situations

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Customers see better than a competitors and Cannot be quickly copied (gas stations)

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Sustainable competitive advantage

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Organized approach for evaluating in the strengths and weaknesses of current or potential competitors marketing strategies by looking at what they are currently doing

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Competitor analysis

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A firms closest competitor

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Competitive rivals

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Tool for organization the competitor analysis by using a chart with strengths and weaknesses of a rival company

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Competitor matrix

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Refers to the macro economic factors including income, growth, inflation and consumer buying and spending that changes rapidly

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Economic government

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Application of science to convert an economy's resources to output, creates opportunities for new products and processes

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Technology

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An emphasis on a country's interests before everything else, affect how macro-marketing systems work

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Nationalism

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North American free trade agreement , rules of trade for canada, us, Mexico

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NAFTA

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Changes in politics, environments often mead to changes in legal environments

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Legal environment

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Affects how and why people live and behave as they do, which affects buying behavior

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Cultural and social environment

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Language, education, religion. Food. Clothing. Housing, work , marriage, family

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Variables of cultural and social environments

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Income and people

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Profitable markets require

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One of the most important demographic dimensions

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Income is

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Gross domestic product, how much goods and services in a year

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GDP

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Gross national income, dos t include foreigner income

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GNI

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1946-1964

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Baby boomers

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1965-1977

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Gen x

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1978-1994

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Gen y

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Analyzing and merging everything about a firm Quantitive and qualitative,

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Product market screen criteria

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Important to meet present needs without compromising the ability of future generations to meet their own needs

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Sustainability

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Group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services

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Market

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Market with Broadly similar needs and sellers with diverse ways of satisfying the needs

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Generic market

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Market with very similar needs and sellers offering various close substitute ways of satisfying those needs. May consist of sub markets

answer

Product market

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Product type, consumer, customer type, geographic area

answer

4 parts in product market

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A two step process of naming broad product markets and segmenting these broad product markets in order to select target markets and develop suitable marketing mixes e

answer

Market segmentation

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Clustering people with similar needs into a market segment

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Segmenting

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Homogenous group of customers who will respond to a marketing mix in a similar way

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Market segment

question

Single target market approach, multiple target market approach, combined target market approach

answer

3 basic ways to develop a market oriented strategy

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