Marketing Final

Front 1

Marketing

Back 1

the activity for creating, communicating, delivering, and exchanging offerings that benefit an organization, its stakeholders, and society at large.
-creates the awareness and perception of value for a product or service so that someone has the desire to acquire it.
-seeks to discover the needs and wants of prospective customers and to satisfy them

Front 2

Requirements for marketing to occur:

Back 2

1.) two or more parties with unsatisfied needs
2.) a desire and ability to be satisfied
3.) a way for the parties to communicate
4.) something to exchange

Front 3

How marketing discovers and satisfies consumer needs:

Back 3

-The key to achieving the two objectives of marketing is exchange.

Front 4

Exchange

Back 4

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

Front 5

Relationship marketing

Back 5

hallmark of developing and maintaining effective customer relationships linking the organization to its individual customers, employees, suppliers and other partners for their mutual long term benefits

Front 6

Customer value

Back 6

The unique combination of benefits received by the targeted buyers that includes quality, convenience, on time delivery, and both before-sale and after-sales service at a specific price

Front 7

How does marketing create customer value?

Back 7

through the utilization of the four P's

Front 8

the four P's

Back 8

1.) product
2.) price
3.) promotion
4.) place

Front 9

Core values

Back 9

are the fundamental, passionate, and enduring principles that guide its conduct over time.
-they capture the firms heart and soul and serve to inspire and motivate its stakeholders

Front 10

Mission

Back 10

statement of the organizations function in society, often identifying its customers, markets, products, and technologies

Front 11

Organizational culture

Back 11

the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization

Front 12

Business

Back 12

describes the clear, broad, underlying industry or market sector of an organizations offering

Front 13

Goals

Back 13

statements of an accomplishment of a task to be achieved, often by a specific time.

Front 14

How are core values, mission, organizational culture, business, and goals important to organizations?

Back 14

successful visionary organizations use this foundation to guide and inspire their employees through these elements

Front 15

Strategic marketing process

Back 15

an organization allocates its marketing mix (four p's) resources to reach its target markets.

Front 16

3 stages of the strategic marketing process:

Back 16

-planning
-implementation
-evaluation

Front 17

SWOT analysis

Back 17

taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organizations marketing plans and the external forces and trends affecting it.

Front 18

SWOT

Back 18

S-Strengths
W-weaknesses
O-opportunities
T-threats

Front 19

What stage in the strategic marketing process is the SWOT analysis performed?

Back 19

Planning phase

Front 20

To produce a cohesive marketing program:

Back 20

the four p's elements of the marketing mix must be blended.

Front 21

Environmental scanning

Back 21

continually provides information about social, economic, technological, competitive, and regulatory forces.
-requires info on events occuring outside the organizations to identify and interpret potential trends

Front 22

Describe how social forces such as demographics, population, culture, and the changing family can have an impact on marketing strategy:

Back 22

They are becoming larger, older, and more diverse, suggesting that niche markets are becoming more important

Front 23

how does macro economic conditions and consumer income affect marketing?

Back 23

if prices rise faster than consumer incomes, the number of items consumers can buy decreases.

Front 24

how does technology affect marketing?

Back 24

technology provides value through the development of new products
-cost of technology is plummeting, causing the customer value assessment of technology based products to focus on other dimensions such as quality, service, and relationships.