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26 Cards in this Set

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what is marketing
company or individual effort aimed at attracting customers, completing transactions, and making lifetime loyal customers
what is the essence of marketing
the exchange ( the company provides g and s and the customer gives back $
what is marketing ( 2nd def)
whatever it takes to grow a business by fostering exchange b/t org and its customers
what does marketing create
marketing creates value for the firms customers and extracts a share of value for the firm--> this helps determine profit margin
4 types of utility marketing creates
1.form utility - get research
2.place " - distribution decesions
3.time " - planning
4.possession " - taking money and delivering
skill of marketing
is the skill to monitor customers, competitors, and collaborators, and to find in each domain a better way to design and deploy the firm’s capabilities to serve the customers at a profit
marketers #1 job
Knowing and defining the customer problem AND then analyze and bring a set of actions that strategically advance the companies goal
detroit problem
foregin hybrids are better than US hybrids. US is out of touch with american car market
needs?
describe basic human requirements such as food, air, water, clothing, and shelter, recreation, education, and entertainment.
wants?
Needs become wants when they are directed to specific objects that might satisfy the need.
demands?
are wants for specific products backed by an ability to pay
traditional org. chart
top management \/
middle " \/
front line \/
customer at bottom
customer oriented org. chart
customer at top!! \/
front line \/
middle \/
top \/
(customer is king)
What is the most important choice that needs to be made by any organization?
is deciding what markets it will serve with what products
what is product/market selection
commit the firm to particular customer groups, specific fields of technology, and a certain competitive milieu
What is the first step in product/market selection?
Defining relevant market segments - this creates framework for a marketing strategy
what are market segments
market segment is a set of potential customers alike in the way they perceive and value the product, in their buying behavior, and in the way they use the product
what is product/market selection similar to
chessboard
Where do new market opportunities come from?
1.new technology
2.population growths
3.increases in personal income
4.societal needs
5.shifts in culture,style and public tastes
push strategy
consists of directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product.-->emphasize personal selling
pull strategy
consists of directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product.
business success process
1.new product with understanding of peoples want/needs
2.right product at right people at right time/place/price
3.customers buy/use
4.high customer satisfaction
5.strong customer loyalty
6.repeat purch,spead good words, and buy other from same company
7.companies sales/profits increse = success
Two parallel and complementary
markets are used by consumers and organizations today?
the traditional
marketplace (stores) and the digital
marketspace (electronic commerce).
Societal Marketing Concept
An organization should balance the often conflicting goals of company profits, consumer need/want satisfaction, and public interest.
3 phases in strategic marketing process
1.planning phase
2.implementation phase
3.control phase
swot
strength, weakness, opportunity, threat