MKT 300 Chapter 1 Notes – Flashcards
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The process of creating, distributing, promoting, and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
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Marketing
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Customers Target Market
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Focus of Marketing
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The purchasers of organizations' products.
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Customers
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The focal point of all marketing activities.
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Customers
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A specific group of customers on whom an organization focuses its marketing efforts.
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Target Market
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Marketing deals with the 4 "p"s... the marketing _____ variables.
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Mix
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Product Price Distribution (Place) Promotion
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Marketing Mix Variables
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Marketers combine and balance four elements when determining how to satisfy customers' needs for a product.
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Marketing Mix Variables
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A product can be a good, service, or idea.
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Product Variable
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Relates to decisions and actions associated with establishing pricing objectives and policies.
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Price Variable
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Relates to determining product prices.
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Price Variable
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Determines the value of the exchange.
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Price Variable
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Make products available in quantities desired.
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Distribution (Place) Variable
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Minimize costs: inventory, transportation (the most expensive), and storage.
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Distribution (Place) Variable
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Select and motivate intermediaries.
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Distribution (Place) Variable
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Establish and maintain inventory control.
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Distribution (Place) Variable
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Develop and manage transportation and storage systems.
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Distribution (Place) Variable
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Which marketing mix variable is the hardest to change?
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Distribution (Place) Variable
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Inform individuals or groups about the organization and its products and services.
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Promotion Variable
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Advertising, public relations, personal selling, promotions, street teams, and viral marketing.
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Promotion Variable
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A customer's subjective assessment of benefits relative to costs in determining the worth of a product.
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Value
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Customer benefits - customer costs
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Value
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The provision or transfer of goods, services, or ideas in return for something of value.
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Exchange
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Constituents who have a claim in some aspect of a company's products, operations, markets, industry, and outcomes.
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Stakeholders
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The six forces that surround the customer and affect the marketing mix.
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Marketing Environment
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Economic forces Political forces Legal and regulatory forces Technological forces Socio-cultural forces Competitive forces
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Marketing Environment
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Unlike marketing mix variables, an organization has no control over the forces in the marketing _____.
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Environment
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A management philosophy that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals (all efforts of the organization).
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Marketing Concept
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The marketing _____ is not a second definition of marketing or a philanthropic philosophy.
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Concept
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A firm must satisfy its own objectives.
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Marketing Concept
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Production orientation (1850s - 1920s) Sales orientation (1920s - 1960s) Market orientation (1960s - current)
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Evolution of Marketing Concept
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What marketing concept was held between 1850s - 1920s?
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Production Orientation
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What marketing concept was held between 1920s - 1960s?
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Sales Orientation
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What marketing concept was held between 1960s - current?
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Market Orientation
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What years was the production orientation in effect?
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1850s - 1920s
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What years was the sales orientation in effect?
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1920s - 1960s
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What years was the market orientation in effect?
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1960s - Current
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Industrial Revolution improved speed and efficiency. Large increases in available products.
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Production Orientation
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Many products with not enough demand. Businesses viewed sales and selling as the main means of increasing profits.
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Sales Orientation
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An organization-wide commitment to researching and responding to customer needs. Determine what customers want and produce those products.
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Market Orientation
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1) Establish an information system to discover customers' real needs. 2) Use the information to create satisfying products. 3) Coordinate all activities.
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Implementing the Marketing Concept
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Achieving the full profit potential of each customer relationship should be the fundamental goal of every marketing strategy.
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Customer Relationships Management
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Customer relationship marketing Relationship marketing Customer lifetime value
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Customer Relationships Management
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Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
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Customer Relationship Marketing
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Establishing long-term mutually satisfying, buyer/seller relationships.
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Relationship Marketing
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The worth of individual customers and estimates their lifetime value to the company.
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Customer Lifetime Value
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Requires identifying patterns of buying behavior and using that to focus on the most promising and profitable customers.
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Customer Lifetime Value
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Marketing _____ consume a sizable portion of the buyers' dollars.
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Costs
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Marketing helps produce profits essential to the survival of _____ businesses.
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Individual
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Marketing is used in _____ organizations.
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Nonprofit
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Marketing fuels our _____ economy.
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Global
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Marketing knowledge enhances _____ awareness.
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Consumer
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Marketing connects people through _____.
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Technology
