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13 Cards in this Set
- Front
- Back
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What is marketing? |
Activity of creating, communicating, delivering, & exchanging offerings to benefit organization, stakeholders, & society |
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What are the requirements fr marketing to occur? |
1) 2+ parties w/ unsatisfied needs 2) desire&ability to be satisfied 3) a way of communication 4) something to exchange |
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What is a market & who markets? |
A market is a group of people with the ability and desire to buy a product. All organizations market. |
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What is social marketing? |
Marketing to influence the behavior of people to benefit themselves/society & not the marketer. Example: antismoking & blood donation ads. |
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What are the 4 components of the marketing mix? |
Product Place Price Promotion
They are controllable. |
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How many environmental forces are there? |
5 Social Economic Technological Competitive Regulatory
They are uncontrollable. |
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What is a target market? |
A specific group of individuals with something in common. |
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What are marketing's tasks? |
Discovering consumer needs. Satisfying consumer needs. |
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Know this graph? |
Organizational leadership: R&D, HR, IT, Marketing, Finance, Manufacturing
Interact w/ environmental forces: social, regulatory, economic, competitive, technological
Interact w/ society: alliances with organizations, partnerships with suppliers, relationships with customers, ownership with shareholders. |
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Go through the marketing history. |
Production era (1850's-1920): 1 product, 1 color, 1 feature, bartering. Sales era (1920-1960): more choices, exchanging dollars instead of bartering. Started making more than they were selling and increasing competition. Marketing concept era (1960-1980): Started thinking of the option of manipulating 4Ps to get most out of it and seeking customer input. Marketing orientation era (1980+): > customer value, satisfaction, relationship management, lifetime value, interactive marketing, etc. Started putting marketing concept into practice. Social media marketing era (2010+): one person can ruin you or you can be everything everyone talks about. Sharing your experiences online. |
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Define ethics |
Moral principles/values that influence actions/decisions of individuals/groups. |
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What is social responsibility? |
When corporations are accountable to society for their actions. |
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What is the difference between shareholders & stakeholders? |
Shareholders are people who own some % of the business.
Stakeholders are any one who is affected by the business. |
