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MKTG 3832 Ch 01
Midterm Study Guide for ECU MKTG 3832 Lang
| Question | Answer |
|---|---|
| Decision Time at Ron Jon’s: Need/Implementation | Bill Bieberbach needed a promotion strategy that would communicate with visitors to Florida, especially the 13 million to arrive by air each year. He tested ads at gate arrivals and baggage claims using dioramas and surveyed their noticeability. |
| Decision Time at Ron Jon’s: Measuring Success | The Orlando store was opened to capture more of the market. Success is measured by distributing 7500 shopper surveys and by collecting demographic and travel data for non-residents. |
| Marketing (definition not activity of value chain) | An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. |
| Stakeholders | Buyers, sellers, or investors in a company, community residents, and even citizens of the nations where goods and services are made or sold - in other words, any person or organization that has a “stake” in the outcome. |
| Consumers | The ultimate user of a good or service. |
| Marketing Concept | A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long term profitability (identify needs and supply products) |
| Need | The recognition of any service between a consumer’s actual state and some ideal or desired state |
| Want | the desire to satisfy needs in specific ways that are culturally and socially influenced. |
| Benefit | The outcome sought by a customer that motivates buying behavior - that satisfies a need or want |
| Demand | customers’ desires for products coupled with the resources needed to obtain them |
| Market | All the customers and potential customers who share a common need that can be satisfied by a specific products, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange. |
| Marketplace | Any location or medium used to conduct an exchange. |
| Utility | the usefulness or benefit consumers receive from a product (form, time, place, possession) |
| Form Utility | The benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines silk, thread, and zippers to create a bridesmaid’s gown. |
| Place Utility | The benefit marketing provides by making products available where customers want them. The most sophisticated evening gown sewn in Melbourne is of little use to an Australian bridesmaid in Perth if it isn’t shipped to her in time. |
| Time Utility | The benefit marketing provides by storing products until they are needed. Some women rent their wedding gowns instead of buying them and wearing them only once (they hope!). |
| Possession Utility | The benefit marketing provides by allowing the consumer to own, use, and enjoy the product. The bridal store provides access to a range of styles and colors that would not be available to a woman outfitting a bridal party on her own. |
| Exchange | The process by which some transfer of value occurs between a buyer and a seller. |
| Evolution of Marketing | Production Era (Production Orientation), Sales Era (Sales Orientation), Relationship Era (Consumer Orientation & TQM), Triple Bottom Line Era. |
| Triple Bottom Line Era | Make money AND a contribution. Focuses on building long-term bonds with customers and seeks to maximize the financial, social and environmental bottom lines. Uses CRM and the Social Marketing Concept. |
| Production Orientation | A management philosophy that emphasizes the most efficient ways to produce and distribute products. Marketing played an insignificant role. Henry Ford’s Model-T and Ivory Soap are examples of products created. |
| Selling Orientation | A managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory. When product availability exceeds demand, businesses may focus on a one-time sales of goods rather than repeat business. |
| Consumer Orientation | A management philosophy that focuses on ways to satisfy customers’ needs and wants. Marketing becomes more important in the firm and TQM is widely followed in the marketing community. Part of the Relationship Era. |
| Total Quality Management (TQM) | A management philosophy that involves all employees from the assembly line onward in continuous product quality improvement. Part of the Relationship Era. |
| New Era – Customer Relationship Management (CRM) value | A strategy that involves systematically tracking customers’ preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual’s unique wants and needs. |
| Exchange | Occurs when something is obtained for something else in return, like cash for goods or services. |
| Social Marketing | A management philosophy that marketers must satisfy customers’ needs in ways that also benefit society and also deliver profit to the firm. |
| Product | A tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process |
| Consumer Goods | The goods individual consumers purchase for personal or family use. |
| Services | Intangible products that are exchanged directly between the producer and the customer. |
| Business-to-Business Marketing | The marketing of those goods and services that business and organizational customers need to produce other goods and services, for resale or to support their operations. |
| Industrial goods | Goods individuals or organizations buy for further processing or for their own use when they do business. |
| Idea, Place & People Marketing | A type of product that can be marketed |
| Target market | The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts. |
| Value | The benefits a customer receives from buying a good or service. |
| Value from the Customer’s Perspective | The value is the ratio of costs (price) to benefits (utilities). The value proposition includes the whole bundle of benefits the firm promises to deliver, not just the benefits of the product itself. Brand image is a critical component. |
| Value from the Seller’s Perspective | Making a profitable exchange, earning prestige among rivals, taking pride in doing what a company does well, and non-profits motivating, educating, or delighting the public. |
| Value Proposition | A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased. |
| Lifetime Value of a Customer | How much profit companies expect to make from a particular customer, including every purchase made from them now and in the future. Companies estimate the amount the person will spend & subtract what it will cost the company to maintain this relationship. |
| Competitive advantage | Requiring identification of a distinctive competency: The ability of a firm to outperform the competition by providing customers with a benefit the competition cannot provide. Turning distinctive competencies into differential benefits. |
| Value Chain | A series of activities involved in designing, producing, marketing, delivering, and supporting any product. Each link in the chain has the potential to either add or remove value from the product the customer eventually buys. |
| Value Chain Activities | inbound logistics, operations, outbound logistics, marketing final product, service |
| Inbound Logistics | Part 1 Activity of the Value Chain: bringing in materials to make the product |
| Operations | Part 2 Activity of the Value Chain: converting the materials into the final product |
| Outbound Logistics | Part 3 Activity of the Value Chain: Shipping out the final product |
| Marketing (not the definition but the activity) | Part 4 Activity of the Value Chain: Promoting and selling the final product |
| Service | Part 5 Activity of the Value Chain: Meeting the customer’s needs by providing any additional support required |
| Consumer Generated Value | Everyday, people functioning in mktg roles: participating in creating ads, providing input to new product dev, serving as wholesalers or retailers. Social networking is growing explosively benefitting the wisdom of crowds & open-source bus models. |
| Wisdom of Crowds | Under the right circumstances, groups are smarter than the smartest people in them meaning that large numbers of consumers can predict successful products. |
| Open Source Model | A practice used in the software industry in which companies share their software codes with anyone to assist in the development of a better product. |
| Value from Society’s Perspective | Every company’s activities influence the world around it, in ways both good and bad. Conflicts often arise in business when the pressure to succeed in the marketplace provokes dishonest business practices. |
| The Dark Side of Marketing | Some marketers do violate their bond of trust with consumers. In some cases, violations are illegal, like the “bait-and-switch” selling strategy, luring consumers with cheap products with the sole intent of getting them to switch to higher-priced goods. |
| The Dark Side of Consumer Behavior | Terrorism, Addictive Consumption, Exploited People and Consumed Consumers, Illegal Activities, Shrinkage, Anti-consumption. |
| Marketing plan | A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy. |
| Mass market | All possible customers in a market, regardless of the differences in their specific needs and wants. |
| Market segment | A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market. |
| Marketing Mix | The 4 P’s: A combination of the product itself, the price of the product, the place where it is made available, and the activities that introduce it to consumers that creates a desired response among a set of predefined customers. |
| 4 P’s | product, price, promotion, place |
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