Mktg 380 - (C.1) Intro To Marketing

Front 1

"Utility"

Back 1

"Want-satisfying power of a good or service."

Front 2

"Marketing"

Back 2

"The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partner, and society at large."

Front 3

Marketing is about Three (3) things:

Back 3

Creating Value

Communicating Value

Delivering Value

Front 4

"Exchange Process"

Back 4

"Activity in which two or more parties give something of value to each other to satisfy perceived needs."

Front 5

"Production Orientation" (Era)

Back 5

"Business philosophy stressing efficiency in producing a quality product, with the attitude toward marketing that 'a good product will sell itself'."

Before 1925

Front 6

Five (5) Eras in Marketing History

Back 6

1) Production Era (build it well and they'll buy

2) Sales Era (convince them to buy

3) Marketing Era (what the customer wants

4) Relationship Era (get return customers

5) Social Media Era (online

Front 7

"Sales Orientation" (Era)

Back 7

"Belief that consumers will resist purchasing nonessential goods and services, with the attitude toward marketing that only creative advertising and personal selling can overcome consumers' resistance and persuade them to buy."

1920s-1950s

Front 8

"Sellers' Market"

Back 8

" A market in which there are more buyers for fewer goods and services."

Front 9

"Buyers' Market"

Back 9

"A market in which there are more goods and services than people willing to buy them."

Front 10

"Consumer Orientation"

(Marketing Era)

Back 10

"Business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them."

Front 11

"Marketing Concept"

Back 11

"Companywide consumer orientation with the objective of achieving long-run success."

Front 12

"Relationship Marketing"

(Relationship Era)

Back 12

"Development and maintenance of long-term, cost-effective relationships with individual customers, suppliers, employees and other partners for mutual benefit."

Front 13

"Marketing Myopia"

Back 13

"Management's failure to recognize the scope of its business."

Front 14

"Person Marketing"

Back 14

"Marketing efforts designed to cultivate the attention, interest, and preferences of a target market toward a person (perhaps a political candidate or celebrity)."

Front 15

"Place Marketing"

Back 15

"Marketing efforts to attract people and organizations to a particular geographic area."

Front 16

"Cause Marketing"

Back 16

"Identification and marketing of a social issue, cause or idea to selected target markets."

Front 17

"Event Marketing"

Back 17

"Marketing of sporting, cultural, and charitable activities to selected target markets."

Front 18

"Organization Marketing"

Back 18

"Marketing by mutual-benefit organizations, service organizations, and government organizations intended to persuade others to accept their goals, receive their services, or contribute to them in some way."

Front 19

"Transaction-based Marketing"

Back 19

"Buyer and seller exchanges characterized by limited communications and little or no ongoing relationships between the parties."

Front 20

"Mobile Marketing"

Back 20

"Marketing messages transmitted via wireless technology."

Front 21

"Interactive marketing"

Back 21

"Buyer-seller communications in which the customer controls the amount and type of information received from a marketer through such channels as the internet and virtual reality kiosks."

Front 22

"Social Marketing"

Back 22

"The use of online social media as a communications channel for marketing messages."

Front 23

"Strategic Alliances"

Back 23

"Partnerships in which two or more companies combine resources and capital to create competitive advantages in a new market."

Front 24

"Wholesalers"

Back 24

"Intermediaries that operate between producers and resellers."

Front 25

"Exchange Functions"

Back 25

"Buying and selling."

Front 26

Paid vs Owned vs Earned

Back 26

Paid - publicity you buy like running ads in a magazine

Owned - publicity you create in your own channels like on your website

Earned - publicity that comes from others reviewing or sharing you

Front 27

"Ethics"

Back 27

"Moral standards of behavior expected by a society."

Front 28

"Social Responsibility"

Back 28

"Marketing philosophies, policies, procedures, and actions that have the enhancement of society's welfare as a primary objective."

Front 29

"Sustainable Products"

Back 29

"Products that can be produced, used, and disposed of with minimal impact on the environment."