Mkt Chap. 1

Front 1

Marketing (book definition)

Back 1

the activity for creating, communicating, delivering, and exchanging offerings that benefit an organization, its stakeholders, and society at large.

Front 2

marketing (profs definition)

Back 2

the art and science of creating the awareness and perception of value for a product or service so that someone has the desire to acquire it.

Front 3

what does mkt seek to do?

Back 3

dicover needs and wants of customers and satify them

Front 4

what affects mkt?

Back 4

events, opinions, and trends in society affect mkt decisions. (ex: tx state is promoting recycling so they email us reminding us not to print unless necessary so the people change their attitude toward plastic bags and bottles)

Front 5

environmental forces

Back 5

forces over which you dont have control of. (social, economic, technological, competitive, and regulatory)

Front 6

biggest challenges

Back 6

for mkt is PREDICTING or ANTICIPATING what consumers want or need. (ex:have you had the experience of being hungry, but not knowing what you want to satisfy that hunger?)

Front 7

When are companies more successful?

Back 7

research has shown that when they try to meet an EXISTING need rather than CREATE a need/want that did not previously exist.

Front 8

a "Market"

Back 8

People with both the desire and the ability to buy a specific offering.

Front 9

how do comapanies determine what consumers need or want?

Back 9

Environmental scanning

Front 10

Environmental scanning

Back 10

Always being on the lookout for new trends, events, movements, or developments that may influence consumers perceptions.

Front 11

Target Market

Back 11

one or more specific groups of potential customers toward which an organization directs its marketing program.

Front 12

The 4 P's

Back 12

PRODUCT: What are you selling?
PRICE: How much does it cost?
PLACE: Where can the customer find it?
PROMOTION: How will you let them know about it?
(they're controlable factors)

Front 13

Examples of uncontrolable factors:

Back 13

SOCIAL- consider the sentiment toward disposable plastic bottles and plastic grocery bags.
ECONOMIC- how has the recent recession impacted you and/or your family's purchasing behavior?
TECHNOLOGICAL- many high-tech products are out of date by the time they reach the store for sale. try finding a charger for a sony walkman.
COMPETITIVE- what do you think RIM (research in motion, the producer of the Blackberry phone) thought when the iPhone came out?
REGULATORY- consider the impact of new laws and regulations on offshore drilling as a result of the BP oil spill in the Gulf of Mexico.

Front 14

Customer Value

Back 14

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

Front 15

Different consumers place diferent degrees of importance on factors that create value

Back 15

Examples:
BEST PRICE- wal-mart, southwest airlines, deli
BEST PRODUCT- starbucks, nike, johnoson & johnson, bose
BEST SERVICE- Nordstrom, land's end, ritz-carlton hotels, zappos.
SOUTHWEST AIRLINES- provides value by focusing on price.
STARBUCKS- focuses on providing the best product.
HOME DEPOT- wants to provide the best service.

Front 16

Relationship marketing

Back 16

linking the organization to its individual customers, emplyees, suppliers, and other partners for their mutual long-term benefits.

Front 17

Merketing program

Back 17

a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Front 18

Market orientation

Back 18

focuses its efforts on 1. continuously collecting info abt customers needs, 2. sharing this info across departments, and 3. using it to create customer value.

Front 19

Customer experience

Back 19

the internal response that customers have to all aspects of an organization and its offerings.

Front 20

in many ways

Back 20

society and technology are evolving faster than our ability to determine the whole impact of the changes on people and organizations.

Front 21

ethics

Back 21

the moral principles and values that govern the actions and decisions of an individual or a group. ethics are always evolving to accomodate these changes.

Front 22

Societal marketing concept

Back 22

the view that organizations should satisfy the needs f consumers in a way that provides for society's well-being.

Front 23

micro marketing

Back 23

how a firm directs its marketing activities and allocates its resources to benefit its consumers.

Front 24

social entrepreneurship

Back 24

using innovative approaches to solve the practical needs of society, particularly those who lack the financial or political needs to solve their own problems.

Front 25

ultimate consumers

Back 25

people who use the goods and services purchased for a household

Front 26

organizational buyers

Back 26

manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for re-sale.

Front 27

Marketing offers four main utilities:

Back 27

FORM: dell says that they can customize your computer with any features you need.
POSSESSION: toyota says that if you need a car, they'll figure out a way to get you one.
TIME: the emergency room at the hospital is open 24 hours per day.
PLACE: wells fargo has a branch in the LBJ student center as well as several other branches in and around San marcos.