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25 Cards in this Set

  • Front
  • Back
Marketing
the activity, set of institutions, and processesfor creating, communicating, delivering, and exchanging offerings that have valuefor customers, clients, partners, and society at large
What are the conditions for an marketing exchange?
There must be at least 2 parties, Parties must have something of value, Parties must want to deal, Parties must be free to accept or reject, Parties must be able to communicate
Product Concept
inside => outside game
focus: existing products
means: aggressive sales
profit: sales volume
Marketing Concept
outside => inside game
focus: consumer need
means: IMC
profits: satisfaction
Form Utility
offering tangible features
Task Utility
rendering a service or performance
Possession Utility
having the right to use or consume a product
Time Utility
having a product available when consumers want it
Place Utility
having a product available where consumers want it
Value-Driven Marketing
focus on developing & delivering superior value to consumers to achieve success
Value Principles
Customer Principle
Competitor Principle
Proactive Principle, Cross-Functional Principle, Continuous Improvement Principle, Stakeholder Principle
Marketing Strategy
a game plan to reach consumers, articulates what the firm wants to do
specifies how the firm will accomplish it, has a target market& marketing mix
Marketing Mix
product, price, place, promotion
Micro-Marketing
firm=>consumer flow of goods & services
Macro-Marketing
how an economy works to benefit society
What income is marketing worried about?
Discretionary Income
Sherman Act
Prohibits monopolies, Prohibits conspiracies in restraint of trade
Clayton Act
Prohibits tying contracts, Makes pooling ownership of stock by competing firms illegal
Federal Trade Commission Act
Allows FTC to investigate, monitor, and remedy unfair business practices
Robinson-Patman Act
Empowers FTC to set limits on quantity discounts, Prohibits promotional allowances except when made available on a proportionately equal basis
Wheeler-Lea Act
Prohibits deceptive, misleading, and unfair practices even if competition is not injured, Places advertising of food & drugs under FTC jurisdiction
Lanham Trademark Act
Protects and regulates distinctive brand names and trademarks, Allows companies to secure rights to a name before actual use
satisficers
business customers who place an order with the first familiar suppiler to satisfy a product and delivery requirements
optimizers
customers who look around before buying a certain product
cannibalization
a situation that new products cut into sales of existing products