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Karin Marketing Ch 1
For Loyola University Chicago Marketing 201
Question | Answer |
---|---|
Marketing | An activity for creating, communicating, delivering, and exchanging OFFERINGS that BENEFIT the organization, its stakeholders, and society at large |
Exchange | The trade of things of value between buyer and seller so that each is BETTER OFF after the trade |
Target Market | One or more specific groups of potential consumers toward which and organization directs its marketing program |
Marketing Mix | The marketing manager's controllable factors: (1) Product, (2) price, (3) promotion, and (4) place |
Environmental Forces | Not the marketing mix, but the forces beyond their control, including (1) social, (2) economic, (3) technological, (4) competitive, (5) regulatory forces. Some marketing professionals treat environmental forces as out of their control, some don't. |
Social Forces | What consumers want and need |
Technological Forces | Changing technology |
Economic Forces | The state of the economy in terms of whatever is expanding or contracting |
Competitive | Actions that competitors take |
Regulatory Forces | Government restrictions |
Customer Value | How firms gain loyal customers. Now efforts are made to understand this combination of benefits received by targeted market, including quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. |
Relationship Marketing | Hallmark of developing and effective customer relationships, linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits. |
Marketing Program | A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. A trial and error process. |
Marketing Concept | originated in 1950s, when manufacturers could provide more than could be consumed. Idea that organization should (1) strive to satisfy the needs of consumers (2) trying to achieve the organization's goals |
Marketing Orientation | Implementation of the marketing concept. Focuses efforts on (1) continuously collecting information about customer's needs and (2) sharing info across departments to (3) create customer value. Resulted in customer relationship era. |
Customer relationship management (CRM) | Process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so buyers will choose them in the marketplace. Fails when target market not identified. |
Customer Experience | Foundation of CRM, the internal response customers have to the organization and its offering, includes both direct and indirect contact |
Direct contact | The customer's contacts with the seller through buying, using, and obtaining service. Part of customer experience |
Indirect Contact | Unplanned touches with the company through word-of-mouth comments from other customers, reviewers, and news reports. |
Societal Marketing Concept | Organization should satisfy the needs of consumers in a way that provides for society's well-being. Help solve practical needs of society. |
Macromarketing | The study of the aggregate flow of a nation;s goods and services to benefit society. Addresses broad issues such as whether marketing costs too much, whether advertising is wasteful, and what resource scarcities and pollution side effects |
Ultimate consumers | People who use the goods and services purchased for a household |
Organizational buyers | Manufactuers, wholesalers, retailers, and governmental agencies that buy goods and services for their own use or for resale. |
Utility | The benefits or customer value recieved by users of the product. This utility is the result of the marketing excahnge process and the way society benefits from marketing. There are four different utilities: Form, place, time, and possession |
Form Utility | production of good or service |
Place utility | having the offering available where consumers need it |
Time Utility | having the offering available when needed |
Possession Utility | The value of making an item easy to purchase through the provision of credit cards or financial arrangements |
Creation of Utility | Marketing creates this by bridging space and hours to provide its products to consumers to own and use |