Marketing Chapter 1

Front 1

3 Reasons to study Marketing!

Back 1

1. Marketing is ALL throughout society
2. ALOT of jobs in marketing, 25-30% are marketing or MARKETING related

3. Marketing costs US alot of money!

Front 2

As a consumer, you've already been involved in THOUSANDS of marketing decisions-

Back 2

mainly on the buying.

Front 3

_________ 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.

Back 3

Marketing

Front 4

Many people incorrectly believe that marketing is the same thing as _____ or personal selling

Back 4

Advertising

Front 5

To serve both buyers and sellers, marketing seeks (1) to discover the needs and wants of prospective customers and (2)_____

Back 5

To satisfy them

Front 6

There are three levels of strategy in organizations:_____,_____, and _____

Back 6

corporate, business unit, and functional.

Front 7

Six functional level strategies

Back 7

Information systems, finance, research and development, marketing, manufacturing, and human resources.

Front 8

what is the most important aspect between the seller and the buyer?

Back 8

THE EXCHANGE!!!!!!!!!!!!!!!!

Front 9

The _____ is the trade of things of value between buyer and seller so that each is better off after the trade.

Back 9

Exchange

Front 10

The exchange affects the _____

TR-TC
(total revenue-total cost)

Back 10

Bottom Line

Front 11

" There is always a cost, need more _____ to make money"

Back 11

Exchanges

Front 12

____ drives the economy

Back 12

Exchange

Front 13

Have to create benefits or ____. Product needs to benefit customer

Back 13

Utility

Front 14

Four Utilities

Back 14

Form Utility, Place Utility, Posession Utility, and Time Utility

Front 15

________ if you change the form it has more benefit

EXAMPLE: changing an old truck to a new corvet

(done by manufacturers)

Back 15

Form utility

Front 16

____ utility that is avaiable where customer is

EXAMPLE:sugarland tickets are reserved and house seating,
also: gas is available and wal-marts

(done by marketers)

Back 16

Place Utility

Front 17

_____ utility that allows at certain time

EXAMPLE:Coats become avaiable at one time

(done by marketers)

Back 17

Time Utility

Front 18

_____utility that if you have information, is more valuable to you.

EXAMPLE: Didn't want can opeaner, but once found manual was suddenly useful.

Back 18

Possession Utility/Informational utility

Front 19

Three orientations that change to satisfy the customer

Back 19

1.Product Orientation. 2.Selling Orientation and 3. Marketing Orientation

Front 20

____orientation that says if have good product, lower price, then customers will be satisifed

Example: Henry Ford and cars w/ assembly line

Back 20

Production Orientation

Front 21

D>S

Back 21

Demand MUST be greater than supply

Front 22

____orientation that says advertise agressivly

S>D

Back 22

Selling Orientation

Front 23

_____orientation that says we will find out what you want and make it better than any other firm.

negative:it's time consuming, expensive, and difficult.

Back 23

marketing orientatation

Front 24

Most firms use two orientations:____and____

Back 24

Selling and Production

Front 25

Illustration of using marketing concept:

Back 25

"If you make a better mouse trap it will have the world at your door"-Production Orientation

Front 26

Number one question sellers want to know?

Back 26

IF YOU'D BUY IT!!!

Front 27

_____ A way of thinking or organizing that says all elements of business are orientated toward CUSTOMER SATISIFACTION at a long term profit.

Back 27

Marketing concept

Front 28

There are six departments of Business college, can't focus on one area, need to focus on...

Back 28

ALL departments

Front 29

Marketing_____ the customer to all other aspects and departments

Back 29

intergrats

Front 30

Four P's to make up the marketing mix

Back 30

1.Product
2.Price
3.Promotion
4.Place/distribution

Front 31

Four P's are part of the ______. is the COMBINATION of the four p's, not the four p's

example: cake is the ____, ingrediates are p's

Back 31

marketing mix

Front 32

EVERYONE markets, churches, nonprofit, United States, cities, ALL organizations need-__

Back 32

Exchange!

Front 33

Having selected target market consumers, the firm must take steps to satisfy their needs. Smoeone in the organization's marketing department, often the marketing manager, must take action and develop a complete marketing program to reach consumers by using a combination of four tools, often called the four P's... by who?

Back 33

Professor E. Jerome McCarthy

Front 34

Four P's

Back 34

Product,Price, Possession, Place/Distribution

Front 35

____ (four P) A good, service or idea to satisfy the consumer's need

Back 35

Product

Front 36

_____(four P)What is exchanged for the product?

Back 36

Price

Front 37

____(four P) A means of communication between the seller and buyer

Back 37

Promotion

Front 38

____(four P) A means of getting the product into consumer's hands

Back 38

Place

Front 39

The four P's make up the marketing mix. These are the marketing manager's ________

Back 39

controllable factors

Front 40

There are a host of factors largely beyond the control of the marketing department and its organization. These factors can be called uncontrollable environmental factors and can be placed into five groups_____

Back 40

social, economic,technological,competitive, and regulatory factors

Front 41

______ is the uncontrollable factors involving social, economic, technological, competitive, and regulatory forces.

Back 41

Environmental Factors

Front 42

______ is the linking the organization to its individial customers, employees, suppliers, and other partners for their mutual long-term benefits

Back 42

relationship marketing

Front 43

In the 1960's, marketing became the motivating force among many American firms. then the policy became, " we are in the business of satisfying needs and wants of consumers." This is really a brief statment of what has come to be known as the _____

Back 43

marketing concept

Front 44

An organization that has a ______ focuses its effots on (1) continuously collecting information about customers' needs, (2)sharing this information across departments, and (3) using it to create customer value.

Back 44

Marketing Orientation

Front 45

The ________________ says that organizations should satisfy the needs of consumers in a way that provides for society's well-being

Back 45

societal marketing concept