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32 Cards in this Set

  • Front
  • Back

Marketing (Kotlers Definition)

A human activity directed at satisfying needs and wants through an exchange process

Marketing (Textbook Definition)

The performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer

Marketing (Detailed definition)

The anticipation, stimulation, regulation, and satisfaction of consumer and public's demand for products, services, organizations, events, people, places, and ideas through an exchange process

The Anticipation part of consumer/public demand

Marketing research

The stimulation part of consumer/public demand

Promotion strategies

The Facilitation part of consumer and public demand

Distribution strategies

The regulation part of consumer/public demand

Pricing strategies

The satisfaction part of consumer/public demand

product strategies

Simple Trade Era

(prior to 1869) People would exchange goods. Surplus was sold to a surplus store

Production Era

(1869-1930) Make things faster. wider variety. what you produce, you sell. Not many manufacturers

Sales Era

(1930-1960) Push products onto customers in any way, distrust in sellers

Marketing Department Era

(1950-1960) worked more on stimulating demand, marketing department seen as less important

Marketing Company Era

(1960-now) Focus is on satisfying the customer marketing seen as very important

The Marketing Concept

A consumer oriented, integrated, goal oriented philosophy

Consumer orientation (the marketing concept)

satisfy customer wants and needs

Integration (the marketing concept)

making marketing a group effort in a company

Goal orientation (the marketing concept)

Make money

Marketing strategy

target market + Marketing Mix

Target Market

A set of buyers sharing common needs or characteristics that a company decides to serve

4 P's

product price, place, promotion

Marketing Plan

A written statement of the marketing strategy and the time related details for carrying out the strategy

S.W.O.T Analysis

Identifies and lists your company's strengths, weaknesses, opportunities, and threats

Differentiation is the key

The marketing mix is different and better than the competition

Market Penetration (marketing opportunities)

current products, current markets

Market development (marketing opportunities)

current products, new market (Ex. McDonalds in an airport)

Product Development (marketing opportunities)

New products, current market

Diversification (marketing opportunities)

New products, new market

Uncontrollable Marketing Factors:

Economic Environment

Inflation, unemployment, income, resource availibility

Uncontrollable Marketing Factors:

Political-Legan Environment

Federal laws, State laws

Uncontrollable Marketing Factors:

Technological Environment

Constant research and development by companies, internet

Uncontrollable Marketing Factors:

Competitive Environment

Direct competition, indirect competition, general competition

Uncontrollable Marketing Factors:

Cultural and Social Influences

Consumer groups, Changing demographics, ethics