Marketing Fundamentals c712 – Flashcards
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Marketing is:
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the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings of value to customers and society at large
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Utility is:
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want-satisfying power of goods or service
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4 basic kinds of Utility are:
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form, time, place, and ownership
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Marketing creates:
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time, place, and ownership Utilities
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3 factors that forced marketers to embrace global marketplace:
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Expanded international trade agreements; New Tech that brought previously isolated nations to the marketplace; Greater interdependence of the world's Economy
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Production Era
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business people believed that quality products would sell themselves / btwn 1920 and 1940
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Sales Era
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Emphasized trying to convince people to buy / prior to 1950
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Marketing Era or Concept
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company-wide focus on customer orientation with objection of long term success / after 1950
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Relationship Era
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Focus placed on establishing and maintaining long term relationship btwn customers and suppliers / after 1990s
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Social Era
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Encourages companies to use the web and social media to connect to customers and to market goods/services.. / since 2000s
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Marketing Myopia
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Managements failure to recognize scope of business. Marketers focused too narrowly on products and miss opportunity to satisfy customer needs.
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Not For Profit marketing
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operates in both public and private sector. May market to multiple-type publics (clients & sponsors). May form an alliance to promote each other's causes and services. HAS LESS CONTROL OVER ORG'S DESTINY
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5 types of non-traditional marketing
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1. Person marketing (usually celebrity or politics) 2. Place marketing 3. Cause marketing (social issue or idea) 4. Event marketing (sports or cook off) 5. Organization marketing (influence others to accept concept)
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Relationship Marketing is:
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Interaction w/customers. Focus on building long term relationship from new buyer to loyal supporter to advocate.
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Social Marketing is:
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Use of interactive tech such as facebook or twitter to communicate w/customers and form a type of partnership thru direct communication
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Strategic alliance
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organizations that form a partnership creating a competitive advantage
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8 universal functions of marketing
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First Group: Exchange function (buy/sell). Second Group: physical distribution, transport, storing. Third Group: Facilitating functions, standardized -grading product, financing, risk taking, & securing market info.
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Ethics are:
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moral standards of behavior expected by society
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Ethical behavior and social responsibility will:
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produce increased employee loyalty and better public image
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Social responsibility is:
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marketing philosophies, policies, procedures, and actions with primary objective to enhance society and protect the environment.
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Strategic alliance
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agreement btwn 2 or more parties to pursue a set of agreed upon objectives while remaining independent organizations
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Marketing functions that represent exchange
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buying and selling
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Marketing functions that represent physical distribution
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Transportation and storing
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Marketing functions that represent facilitating
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Standardization & grading, risk taking, and securing market info
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To create a customer:
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3 steps are ; 1. Identify needs in marketplace 2. which needs can the busn serve? 3. develop goods/ services to convert "potential buyers" to customers
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marketing improves
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the quality of life of customers
