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Define Marketing

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the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value.

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Customer Orientation

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an organizational philosophy that focuses on satisfying customer needs and wants.

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Define Need

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fundamental requirement and meeting it is the ultimate goal of behavior.

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Define Want

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the specific form of consumption desired to satisfy a need.

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Define Effectiveness

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occurs when the organizations activities produce results that matter to consumers. Efficiency- means operating with minimal waste of time an money.

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Agility

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the anticipation of market dynamics and speed of response to changing customer desires and competitors actions.

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Define market

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consists of all the organizations and individuals with potential desire and ability to acquire value.

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B2C (Business to consumer)

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occurs when organizations sell to individuals or households that buy, consume and dispose of products.

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B2B (business to business)

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occurs when a business purchases goods or services to produce other goods, to support daily operations, or to resell as a profit.

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Nonprofit Marketing

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occurs when an organization does not try to make a profit but instead attempts to influence others to support its cause by using its service or by making a contribution. (Churches, museums, hospitals)

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Internal Marketing

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occurs when managers of one functional unit market their capabilities to other units within their own organization to provide customer satisfaction.

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4 elements that make up the "marketing mix"

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1. product 2. price 3. Promotion 4. place

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Define Exchange

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is a process in which two or more parties provide something of value to one another

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Relationship Marketing

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the development and maintenance of successful relational exchanges. - emotion is a key ingredient in relationships -relationship marketing builds customer loyalty -it has transitioned from transaction-based to relationship-based exchanges

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Form Utility

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occurs when knowledge and materials are converted into finished goods and services. -utility is a term economists use to describe the want-satisfying potential of a good or service

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Place Utility

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makes goods and services conveniently available. Their accessibility makes them worth many times more at those locations than where they were grown.

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Time Utility

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makes goods and services available when they are wanted

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Ownership Utility

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makes it possible to transfer the title of goods and services from one party to another.

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Customer Value

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refers to what consumers perceive they gain from owning or using a product when weighed against the cost of acquiring it

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Define Satisfaction

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refers to the consumers overall rating of his or her experience with a company and its products

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Define Loyalty

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measure of how often a consumer purchases a particular brand.

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The Production Era

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-companies focused on ways to make products in mass quantities -manufacturers did not address the consumer until after the goods had been made -They assumed a good product would sell itself -(Henry Ford)

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The Sales Era

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-emphasized that consumers must be convinced to buy -companies tried to shape consumers ideals to fit the attributes of the products offered. -sellers market: which scarcity of products lets the seller control the market -buyers market: abundance of products lets the buyer control the market

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The Customer Marketing Era

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-Organizations began to determine consumer needs and wants and then coordinate processes to create products or services that would satisfy those needs and wants -Became aware that a loyal repeat buyer is more profitable that a one-time buyer

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The Value Marketing Era

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-Value driven organizations implement the marketing concept by ensuring that all parts of the organization make the maximum possible contribution toward creating value for the customer. -organizations want lasting relationships so that customers become loyal

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The Social Media Era

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-focuses on efforts to draw attention to featured content and encourages users to share it with their social networks. -helps to increase communication, create brand awareness, elevate customer service, and move customers through the buying cycle. -consumers can be reached in greater numbers and at lower costs

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4 steps to the marketing strategy process

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1. Situation Analysis 2. Target Marketing 3. Positioning 4. Marketing Mix decisions

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Situation Analysis

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-It provides the context around which plans are created, altered, and adjusted. - It includes analysis of the marketing environment, an assessment of customer needs and behaviors, and the competition -an important function is to provide the information needed to select certain customers for emphasis- targeting.

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Target Marketing

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-Leading organizations divide their customers into groups with similar characteristics. Then they select one or more of these to groups (target markets) toward which they concentrate marketing efforts and resources.

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Positioning

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-Customers often perceive well known brands as having a certain image or reputation. -Nike, "Just do it", aggressive active campaign

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PRODUCT

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-any physical object, service, idea, person, event, place or organization offered to satisfy consumers wants and needs

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PLACE

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-strategy is developed to serve customers by providing products where and when they are needed. -distribution channel -physical distribution -retailing and direct marketing

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PROMOTION

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-involves communicating with customers in a variety of ways -the strategy includes determining the objectives to be attained, as well as creating messages and the forms they will take

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PRICE

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-the objective is to set prices to reflect the value received by customers and to achieve the volume and profit required by the organization

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6 ways marketers create/capture value for customers

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1. Technology and e-commerce 2. Relationships 3. Global Forces 4. Diversity 5. Ethics 6. Sustainability

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Technology and E-commerce

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TECHNOLOGY: 1. Product tech 2. The Internet E-Commerce: 1. Marketspace

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Relationships

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as mass production took root and more levels of distribution channels were added, the consumers voice was heard less and less. In an effort to regain this, organizations are trying to embrace relationship marketing

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Global Forces

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creating value to this immense global market requires marketers to understand and be sensitive to the different preferences and needs of all customers

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Diversity

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Ethnic background Ethnicity Do unto others as they would have you do unto them (Plunkers new rule) - as a marketer you want to satisfy your customer based off their needs

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Ethically

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In order to promote ethical behavior in each area of marketing, both large and small businesses implement a code of conduct.

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Sustainability

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The environment, economy and the society

MKT 327 CHAPTER 1 – Flashcards

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