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MKT 300 Chapter 1 Notes

Marketing
The process of creating, distributing, promoting, and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
Focus of Marketing
Customers
Target Market
Customers
The purchasers of organizations’ products.
Customers
The focal point of all marketing activities.
Target Market
A specific group of customers on whom an organization focuses its marketing efforts.
Mix
Marketing deals with the 4 “p”s… the marketing _____ variables.
Marketing Mix Variables
Product
Price
Distribution (Place)
Promotion
Marketing Mix Variables
Marketers combine and balance four elements when determining how to satisfy customers’ needs for a product.
Product Variable
A product can be a good, service, or idea.
Price Variable
Relates to decisions and actions associated with establishing pricing objectives and policies.
Price Variable
Relates to determining product prices.
Price Variable
Determines the value of the exchange.
Distribution (Place) Variable
Make products available in quantities desired.
Distribution (Place) Variable
Minimize costs: inventory, transportation (the most expensive), and storage.
Distribution (Place) Variable
Select and motivate intermediaries.
Distribution (Place) Variable
Establish and maintain inventory control.
Distribution (Place) Variable
Develop and manage transportation and storage systems.
Distribution (Place) Variable
Which marketing mix variable is the hardest to change?
Promotion Variable
Inform individuals or groups about the organization and its products and services.
Promotion Variable
Advertising, public relations, personal selling, promotions, street teams, and viral marketing.
Value
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product.
Value
Customer benefits – customer costs
Exchange
The provision or transfer of goods, services, or ideas in return for something of value.
Stakeholders
Constituents who have a claim in some aspect of a company’s products, operations, markets, industry, and outcomes.
Marketing Environment
The six forces that surround the customer and affect the marketing mix.
Marketing Environment
Economic forces
Political forces
Legal and regulatory forces
Technological forces
Socio-cultural forces
Competitive forces
Environment
Unlike marketing mix variables, an organization has no control over the forces in the marketing _____.
Marketing Concept
A management philosophy that an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals (all efforts of the organization).
Concept
The marketing _____ is not a second definition of marketing or a philanthropic philosophy.
Marketing Concept
A firm must satisfy its own objectives.
Evolution of Marketing Concept
Production orientation (1850s – 1920s)
Sales orientation (1920s – 1960s)
Market orientation (1960s – current)
Production Orientation
What marketing concept was held between 1850s – 1920s?
Sales Orientation
What marketing concept was held between 1920s – 1960s?
Market Orientation
What marketing concept was held between 1960s – current?
1850s – 1920s
What years was the production orientation in effect?
1920s – 1960s
What years was the sales orientation in effect?
1960s – Current
What years was the market orientation in effect?
Production Orientation
Industrial Revolution improved speed and efficiency.
Large increases in available products.
Sales Orientation
Many products with not enough demand.
Businesses viewed sales and selling as the main means of increasing profits.
Market Orientation
An organization-wide commitment to researching and responding to customer needs.
Determine what customers want and produce those products.
Implementing the Marketing Concept
1) Establish an information system to discover customers’ real needs.
2) Use the information to create satisfying products.
3) Coordinate all activities.
Customer Relationships Management
Achieving the full profit potential of each customer relationship should be the fundamental goal of every marketing strategy.
Customer Relationships Management
Customer relationship marketing
Relationship marketing
Customer lifetime value
Customer Relationship Marketing
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
Relationship Marketing
Establishing long-term mutually satisfying, buyer/seller relationships.
Customer Lifetime Value
The worth of individual customers and estimates their lifetime value to the company.
Customer Lifetime Value
Requires identifying patterns of buying behavior and using that to focus on the most promising and profitable customers.
Costs
Marketing _____ consume a sizable portion of the buyers’ dollars.
Individual
Marketing helps produce profits essential to the survival of _____ businesses.
Nonprofit
Marketing is used in _____ organizations.
Global
Marketing fuels our _____ economy.
Consumer
Marketing knowledge enhances _____ awareness.
Technology
Marketing connects people through _____.

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