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MKTG 1
Marketing Exam 1
| Question | Answer |
|---|---|
| Bunglers | don't understand the market, competitors, or strategy assume consumers are "just like me" think marketing is purely advertising |
| Smugglers | think that marketing is about tricking people into buying stuff push products by being slick and deceptive |
| Sleuths | create value--> research & understand market communicate value--> help customers see value capture value--> fostering a mutually beneficial trade |
| Marketing | discovers customers needs and wants and creates value by finding better ways to satisfy them |
| Requirements for Marketing to Occur: | 1. two or more parties w unsatisfied needs 2. a desire and ability to satisfy these needs 3. a way for parties to communicate 4. something to exchange (between buyer and seller) |
| Exchange | the trade of things of value between buyer and seller so that each is better off after the trade |
| Marketing seeks to: | 1. discover customers' needs and wants 2. satisfy them |
| How does marketing discover consumer's needs? | -marketing research methods: customer surveys, concept tests -solicit and evaluate ideas from consumers |
| Challenges | -thousands of new products are introduced each year -many fail even if heavily researched and invested in -consumers may have difficulty elaborating their needs and wants |
| Marketing Process | Understand consumer needs and wants--> Identify the target market--> Develop marketing program (Marketing Mix/4 Ps: Product, Price, Promotion, Place) |
| The 4 Ps/Marketing Mix | Product, Price, Promotion, Place |
| Product | Good, service, or idea to satisfy the customer's needs |
| Price | Amount paid for the product |
| Promotion | A means for buyer-seller communications |
| Place | A means for getting product to the consumer |
| Supply Chain Management (SCM) | involves maintaining a flow of products through physical distribution activities |
| Environmental forces | uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive and regulatory forces ex. state of economy, competitors actions, government restrictions |
| Marketing actions are shaped by more then customers needs: | organization management marketing department environmental forces |
| The Production Era (through 1920s) | -Industrial Revolution improved speed and efficiency -as a result, products poured into the marketplace -demand for manufactured goods was strong - objectives: cheap, efficient production; intensive distribution |
| The Sales Era (1920's-1960's) | -firms could produce more goods than regular buyers could consume -competition grew -businesses viewed sales as the major means of increasing profits -objectives: sell, hire sales people to find new buyers for existing products |
| The Marketing Concept Era (1950s-) | -organizations strive to satisfy customers needs while achieving organizational goals -market orientation -satisfy better then the competition -Objectives: focus on the customer's needs, develop new products to serve target markets |
| Market Orientation | an organization-wide commitment to researching and responding to customer needs |
| The Customer Relationship Era (1980s-) | -advent of digital marketing: relationships through apps and social media -Objectives: to develop and manage long-term customer relationships (CRM) |
| Relationship Marketing | -establishing long-term, mutually satisfying buyer seller relationships |
| Why is customer relationship management important? | so that buyers choose them in the marketplace and become advocates after purchasing |
| Customer Value | unique combination of benefits to the consumers |
| Value Strategies | Best Price Best Product Best Service |
| Product | consisting or tangible and intangible attributes (Goods, Services, Ideas) |
| Ultimate Consumers | purchase for household |
| Organizational Buyers | buy for their own use or resale (manufacturers, wholesalers, etc) |
| Organization | a legal entity that consists of people with a common mission |
| Industry | organizations that develop similar offerings -much of an organizations market strategy is having a clear understanding of the industry within which it competes |
| Three Types of Organizations | For-profit organizations Nonprofit organizations Government agencies |
| For-profit organization | privately owned organization that serves its customers to earn a profit so that it can survive |
| Nonprofit organization | nongovernmental organization that serves its customers but does not have profit as an organizational goal |
| Government Agency | federal, state, county, or city unit that provides a specific service to its constituents |
| Profit | money left after a for-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings |
| Structure of Organizations | Board of Directors--> Corporate Level--> Strategic Business Unit Level--> Functional Level |
| Corporate level | where top management directs overall strategy for the organization (ex. CEO, CMO) |
| Strategic Business Unit Level (SBU) | a division, product line, or other profit center within the parent company managers set a more specific strategic direction for their businesses to exploit value-creating opportunities |
| Functional Level | groups of specialists create value for the organization (ex. finance, human resources, marketing, info systems, etc.) |
| Strategic Marketing Management | the process of planning, implementing, and evaluating performance of marketing activities and strategies, both effectively and efficiently |
| Effectiveness | the degree to which long-term customer relationships help achieve an organizations objective |
| Efficiency | minimizing the resources and organization uses to achieve a specific level of desired customer relationships |
| Strategic Planning | defines a company's vision for the future and identifies its organization objectives |
| Strategy | an organizations long-term course of action designed to deliver a unique customer experience while achieving its goals |
| Marketing helps... | strategic direction and moves the organizations there |
| Components of Strategic Planning Process | Organizational Mission and Goals--> Corporate and Business Unit Strategies--> Analysis of Organizations Strengths and Weaknesses/Identification of Organizations Opportunities and Threats |
| Organizational Foundation + Organizational Direction= | Organizational Strategies |
| Core Values | the fundamental, passionate, and enduring principles of an organization that guide its conduct overtime Core Values, Mission, Organizational Culture |
| Core Values-our values are based on 4 essential freedoms that define who we are | Freedom of Expression, Freedom of Information, Freedom of Opportunity, and Freedom to Belong |
| Mission | Statement of the organization's role in society |
| Organizational Culture | set of values, ideas, attitudes, and norms learned and shared by members of the organization |
| Two techniques of growth strategies: | business portfolio analysis & diversification analysis |
| Market growth/market share matrix | a helpful business tool based on the philosophy that a products market growth rate and its market share are important considerations in determining its market strategy |
Created by:
cnwall