Marketing 301

Front 1

What is marketing?

Back 1

Marketing is 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

Front 2

Production Philosophy

Back 2

A production philosophy exists when an organization emphasizes the production function

Front 3

Selling Philosophy

Back 3

A selling philosophy predominates where the selling function is most valued

Front 4

Marketing Philosophy

Back 4

A marketing philosophy suggests that the organization focuses on satisfying the needs of customers

Front 5

Three principles of Marketing Concept

Back 5

An organization’s basic purpose is to satisfy customer needs. Satisfying customer needs requires integrated, coordinated efforts throughout the organization. 3 Organizations should focus on long-term success

Front 6

Market Orientation

Back 6

A market orientation consists of creating norms and values that encourage customer-oriented behavior throughout the organization, including:

Front 7

Customer Equity

Back 7

Customer equity is the financial value of a firm’s customer relationships. It consists of profits from first-time customers plus expected profits from future sales to these and other customers.

Front 8

Ways to increase customer equity

Back 8

Acquire more profitable customers at a lower cost. Retain profitable customers longer. Win back profitable customers. Eliminate unprofitable customers. Sell more to profitable customers. Reduce service and operational costs

Front 9

Exchange

Back 9

Exchange is defined as the transfer of something tangible or intangible, actual or symbolic, between two or more social actors.

Front 10

Target Market

Back 10

A target market is a defined group of consumers or organizations with which a firm wants to create marketing exchanges and relationships

Front 11

Marketing Mix

Back 11

A marketing mix is the overall marketing offer to appeal to the target market.

Front 12

Marketing Manager

Back 12

Directs all company’s marketing activities, including planning, organizing, staffing, directing, controlling, evaluating performance

Front 13

Product Manger

Back 13

Develops goals, objectives, plans, strategies, marketing mixes for product line or brand

Front 14

Advertising Manager

Back 14

Devises advertising policy and strategy, selects advertising agencies, develops promotional campaigns, selects media, allocates advertising expenditures

Front 15

Supply Chain Manager

Back 15

Manages distribution system, including storage and transportation for all products and services

Front 16

Purchasing Manager

Back 16

Manages all purchasing activities, including buying product ingredients or components, supplies, equipment, needed materials

Front 17

Marketing research manager

Back 17

Develops research designs for specific problems; collects, analyzes, interprets data; presents results to top management

Front 18

Public Relations Manager

Back 18

Manages all communications with media and company stakeholders to present favorable public image

Front 19

Customer Service Manager

Back 19

Provides customer service, handles customer complaints

Front 20

Sales Manager

Back 20

Organizes, develops, directs, controls, evaluates sales force

Front 21

Marketing Perspective: Global

Back 21

Viewing the world as the potential marketplace to include identifying and responding both to market opportunities around the world and to different cultural groups within each market.

Front 22

Marketing Perspective: Relationship

Back 22

Building partnerships with firms outside the organization and encouraging teamwork among different functions within the organization to develop long-term customer relationships.

Front 23

Ethics

Back 23

Addressing the morality of marketing decisions and practicing social responsibility to include ecological considerations.

Front 24

Customer Value

Back 24

Constantly looking for ways to give customers more for less.

Front 25

Productivity

Back 25

Trying to get the best return for each marketing dollar spent.

Front 26

Technology

Back 26

Translating new and emerging technologies into successful products and services, and using technology to improve marketing practice.

Front 27

Entrepreneurship

Back 27

Focusing on innovation, on risk taking, and on being proactive in marketing efforts.