MKTG3310 – Flashcard
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What are the eras of different orientations in the history of american business?
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simple trade era production era sales era marketing era
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simple trade
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pre industrial revolution families would trade what they needed
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production era
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mass production and efficiency if you can make it, it will sell
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sales era
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companies start worrying about the customer because of competitors, so they have to convince people to buy the products -ex door to door
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marketing era
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how do we get our product to market and customers? how do we communicate with customers? pricing? how can we come up with a product that will sell itself? marketing becomes new department in companies -marketing department era: -marketing company era:whole company needs to understand marketing -relational marketing era: forms relationship with customers -one to one marketing era: dynamically customize comm with you, track your purchases
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are all companies now in the marketing era?
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no, not all companies. can be misleading but companies can skip entire eras or stay in the same mindset and never change
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what are two characteristics that define a market?
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desire and ability -ex: desire to buy ecigs, ability to buy brand new lexus
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Can you identify whether a group of people are market given these two characteristics?
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Yes- everyone is a target, but not everyone has the ability -ex: people have desire for lexus but not everyone has ability
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what is marketing?
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MARKETING IS CREATING VALUE - a business philosophy - a distinct unit in an organization - a set of business activities
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what is marketing NOT?
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-not just advertising and selling -not subject to just 1 economic exchange -not always making the product as expensive as possible
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Definition of marketing is the
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performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client. It is the art/science of creating value
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what is the marketing concept
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the primary responsibility and focus of the company is on the customers, while still earning a profit
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what is market orientation?
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trying to carry out the marketing concept
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what three characteristics of a firm are needed to be market oriented?
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customer satisfaction total company effort profit not just sales as an objective
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what is product orientation and how does it exemplify narrow thinking?
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making products that are easy to produce and trying to sell them -doesn't take into acct society and its' wants or needs
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what is value and how is it determined?
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the difference between the benefits a customer sees -how does price relate to value
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what is the unique contribution of marketing to a firm?
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creating value for a product
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why is marketing an art and science?
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art in how you design the way you market and a science in knowing how to manipulate people pyschologically
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what is a shareholder orientation?
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focusing on maximizing *shareholder value* and profits meaning they focus on *short term*
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shareholder orientation is incentive for executives to
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behave poorly and commit fraud to boost their profits
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what are potential problems with a focus on shareholders?
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-leads to bad behavior -could lose customers -incentive for executives to commit fraud
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what is macro marketing?
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social process that directs the flow of goods and services -what drives the market
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what is the macro-micro dilemma?
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what is good for the individual may not be good for the market, individual purchases create and aggregate level problem
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what is the role of an economic system?
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the way the economy organizes and utilizes scarce resources to make goods and provide services and distribute them to various people in society
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what are the differences between a command economy and a market directed economy?
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-command: someone decides whats made, dictates production, and has a specific way -market: individual decisions determine what is produced
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what is Milton Friedman view of business role in the world?
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argument that a business's only job is to make profit, they should ignore societal qualmms
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what is the argument for why this is the correct view?
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because if the company focuses on the profit and helping the economy, than others can focus on society problems
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what are three arguments for business to engage in other causes besides seeking a profit?
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triple bottom line: -profit -people -planets
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triple bottom line
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-businesses drive up profits through innovation -companies control most of the world's resources -resources may be taken away if gov't decides they are not being used wisely
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why may businesses be better suited than NGOs and GOs for taking on causes?
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-they are not held to the same standards as NGO and GO -people who are bad at finance making bad loans -government doesn't pay enough attention
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what is an evitable result if businesses choose not to take on causes?
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-customers will perceive them as "bad" or "evil" -You would lose business/they wouldn't have as much of support. But it might not be a huge impact, but losing sales to competitors using a cause for sales.
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caveat emptor
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-buyers have no recourse with the seller if the products do not meet their expectations -the buyer assumes that the product they are purchasing is up to standards and it is the responsibility of the supplier to provide a product that is in line with the wants and needs of the consumer, since that is what drives the market
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"caution buyer" or "let the buyer beware"
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-buyer is in charge of making sure you don't get screwed over -consumers know more now, but still know less than businesses about their products `
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what is a stake holder/ stakeholder orientation?
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-someone who holds a stake in a corporation -interest in the corporation for other reasons besides stock appreciation
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Stakeholder responsibility is
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a firm's obligation to improve its positive effect on all people who have a stake in the company. -Focus on more than shareholders and costumers, focus on stakeholders while making a profit
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stakeholder orientation is
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(part of the HPO Factor: Long-term Orientation) is defined as 'the aim to benefit all parties that are affected by the future success or failure of an organization.'
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what is societal orientation
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a firm's responsibility to increase its positive effects and decrease its negative effects on society -The societal marketing is a (marketing) concept that holds that a company should make marketing decisions by considering consumers' wants, the company's requirements, and society's long-term interests -A firm's obligation to improve its positive effect on society or reduce its negative effect. -taking care of environment, general public, decide on philanthropic focus
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How does societal responsibility differ from a stakeholder responsibility?
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focuses on society rather than just the organization
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o What is the triple bottom line?
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Measures some organizations economic, social, and environmental outcomes as a measure of long term success -3Ps - Profits, People, Planets
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what is the green marketing
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Marketing efforts to produce, promote, and reclaim environmentally sensitive products
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what is cause related marketing
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Charitable actions of a firm are tied directly to consumer revenue. Ex. Toms shoes or KFC bucket for breast cancer
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Are there self-interested reasons for businesses to engage in causes (i.e. CSR)?
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Yes, there are self interested reasons to get a bigger light on your company and more sales
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What factors determine whether firms are "rewarded" for engaging in CSR?
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-Increased consumer support or revenue -Quality is strong -Stakeholders make intrinsic attributions about a firm's motive -CSR spending is synergistic with R&D -Advertising spending is higher compared to competitors -But CSR spending, R&D spending, and ad spending are NOT all high.
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Is marketing the same for NGOs as it is for for-profit organizations? is it the same in theory and in practice?
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its the same in theory, marketing concepts apply to both. however in practice, they differ drastically because a bias against nonprofit marketing
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how has research supported the marketing concept?
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can determine when marketing helps a firm, or benefits it in any way
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modern view of marketing
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marketing anticipates customer needs
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the primary purpose of transporting and storing functions of marketing are to overcome
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spacial seperation
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the marketing concept says that a business firm should
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aim all its efforts at satisfying the customer, while at a profit
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trying to balance the interests of people who want to drink beer and the damages of drunk driving
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macro-micro dilemma
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a market strategy specifies
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target market and a related marketing mix
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"target marketing" contrast to "mass marketing" assumes that
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all customers are basically the same
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when general mills introduced a honey nut cereal bar, it was an example of:
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product development
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a marketing plan should include
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some control procedures, what company resources will be needed and at what rate a marketing mix is to be offered to whom and for how long what sales and profit results are expected
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Kraft Foods recently increased its advertising and couponing to its current cheese consumers. It appears Kraft is pursuing what kind of opportunity:
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market penetration
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generic
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a market with broadly similar needs, and offering various ways of satisfying those needs
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segmenting
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tries to aggregate together customers who have similar needs and characteristics
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if a "good" product-market segment should be substantial
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it should be large enough to be profitable
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"positioning" is a marketing management aid which refers to
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how customers think about brand in its marketing
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along with studying trends in the environment, a first step in looking for attractive opportunities is to
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understand the resources and objectives of the firm
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the number and types of competitors a marketing manager must face and how they must behave is called the
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competitive environment
