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31 Cards in this Set
- Front
- Back
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Marketing
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The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
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T/F: Marketing and global marketing are synonymous
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True. |
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6 marketing misconceptions:
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2. Pushy salespeople trying to get you to buy now. 3. Famous brands and their celebrity spokespeople. 4. Product claims that are overstated or false, causing doubt about trustworthiness. 5. Marketing departments own an org marketing initiative. 6. Marketing is just another cost of doing business. |
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Marketing conceptions depend on: (3)
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2 things that contributed to these marketing misconceptions:
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Marketing's inherent visibility and buzzwords. |
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_________________ is a central function and set of processes essential to any enterprise. |
Marketing |
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____________ and _____________the facets of marketing is a core business activity. |
Leading and managing |
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What did Peter Drucker say about marketing in 1954? |
There is only one valid definition of business purpose: to create a customer. |
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What did Peter Drucker say about marketing in 1973? |
Marketing is so basic that it cannot be considered a separate function within the business. |
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How does the American Marketing Association define marketing? |
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
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3 areas of focus in marketing: |
1. The more strategic aspects of marketing 2. Marketing as an activity, set of institutions, and processes 3. Value |
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Value |
The ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits. |
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Exchange |
Occurs when a person gives up something of value to them for something else they desire to have. |
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5 things that must happen for exchange to take place: |
1. There must be at least 2 parties 2. Ea party must have something that might be of value to the other party 3. Ea party is capable of communication and delivery 4. Ea party is free to accept or reject the exchange offer 5. Ea party believes it is appropriate or desirable to deal with the other party |
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5 steps involved when discussing marketing's roots and evolution: |
Pre-industrial revolution, focus on production and products, focus on selling, advent of the marketing concepts, and post- marketing concepts. |
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4 post marketing concepts: |
-Differentiation orientation -Market orientation -Relationship orientation -One to one marketing |
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5 change drivers impacting the future of marketing: |
1. Shift to product glut and customer shortage 2. Shift in info power form marketer to customer 3. Shift in generational values and preferences 4. Shift to demanding return on marketing investment 5. Shift to marketing (big m) and marketing (little m) |
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How is the power of balance shifting? |
From marketers and their customers, both in B2C and B2B markets. |
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Is customer orientation desirable or necessary? |
Necessary. |
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6 new market realities: |
-Competitors proliferate -All secrets are open secrets -Innovation is universal -Info overwhelms and depreciates - Easy growth makes hard times -Customers have less time than ever |
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How much access to info do customers have? |
Limitless |
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Are firms more open about their business and products than they used to be? |
Yes |
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Will the trend toward more into in the hands of the customer diminish? |
No |
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2 things that generational values and preferences changes: |
-The firms message and the method by which that message is communicated -Impacts marketing in terms of human resources * Generational changes are not new! |
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Marketing (Big M) |
Strategic marketing, means a long-term, firm level commitment to investing in marketing-supported at the highest organization level- for the purpose of enhancing organizational performance |
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marketing (little m) |
Tactical marketing, which serves the firm and its stakeholders at a functional or operational level. |
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What does marketing metrics say? (4) |
1. Marketing is a fuzzy field 2. Is marketing an expense or an investment? 3. If it cant be measured, it cant be managed 4. CEO's and stockholders expect marketing accountability |
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T/F: Business is confined to the local market |
False, it is not. |
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Are global marketing mistakes cheap? |
No, they are expensive. |
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When does one learn about marketing beyond the home markets? |
When the company gets more international business experience. |
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4 distinct stages: |
-Companies with indirect foreign marketing -Companies with direct foreign marketing -International marketing -Global marketing |
