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MKT 301: Chapter 1 "Why Marketing Matters to you"

Marketing
Organizational function and set of processes for creating, communicating, and deliver value to customers and managing customer relationships in ways that benefit the organization and its employers, customers, investors, and society as a whole
3 Components of Marketing
creating value
communicating value
delivering value
Customer Value
Perceived benefits, both monetary and non-monetary, that customers receive from a product compared to the cost associated with obtaining it.
Over ____ of all new products fail, both good and bad economic conditions
80%
Key ingredient for creating value is?
Providing consumers with benefits that meet their needs & wants
Supply Chain
A set of 3 or more companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and info from a source to a customer.
Supply chain members can include..
Manufacturers
Wholesalers
Retailers
Transportation companies
Logistics
Part of a supply chain management that plans, implements, and controls the flow of goods, services, and info between the point of origin and the final customer.
Production Orientation
Marketing strategy in which the firm focused on efficient processes and production to create quality products and reduce unit costs.
Sales Orientation
Marketing strategy in which personal selling and advertising are used to persuade consumers to buy new products and more of existing products.
Marketing concepts
(1950’s) Marketing strategy that reflects the idea that a firms long-term success must include a company wide effort to satisfy customer needs.
-demand for goods and services increased
Consumer Orientation
Stresses the idea that everyone in a firm should assess, then satisfy, consumers needs
Relationship Marketing
Marketing strategy that focuses on attracting, maintaining, and enhancing consumer relationships
Exchange
Happens when a buyer and seller trade things of value so that each is better off as a result
Needs
States of felt deprivation. Consumers feel deprived when they lack something useful or desirable like food, clothing, shelter, transportation, and safety.
Wants
Are the form that human needs take as they are shaped by personality, culture, and buying situation
Marketing Mix
Represents everything that a firm can do to influence demand for its good, service, or idea
-product, price, place, promotion
Product
A specific combo of goods, services, or ideas that a firm offers to consumers.
Price
Amount of something, money, time, or effort – that a buyer exchanges with a seller to obtain a product
Place
Activities a firm undertakes to make its product available to potential consumers
Promotion
All the activities that communicate the value of a product and persuade customers to buy it
Social Media
A group of internet based applicants that grow the creation and exchange of user-generated content.
Global Marketing
Marketing strategy that consciously addresses customers, markets, and competition throughout the world.
Globalization
Development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets.
Brand
Name, term, symbol, design, or any combination of these that identifies and differentiates a firms products – through advertising and social media and makes pricing decisions based on economic and competitive factors in each region of the world in which it does business.
CSR Corporate Social Responsibility
Organization obligation to maximize its positive impact and minimize its negative impact on society
Stockholder Resposibility
Focuses specifically on the obligations an organization has to those who can affect whether or not it achieves its objectives
Internal stakeholders are?
Employees
Managers
Owners
External stakeholders are?
Suppliers
Society
Governments
Creditors
Shareholders
Customers
Ethics
Moral Standards expected by a society
Ethical Decision Making
Should be a key component of successful marketing approach
Ethical Decision Making Framework
1. Determine the facts in an unbiased manner.
2. Identify the ethical issue at hand.
3. Identify the stakeholders impacted by the decision.
4. Consider all available alternatives.
5. Consider how the decision will affect the stakeholders.
6. Discuss the pending decision with the stakeholders.
7. Make the decision.
8. Monitor and assess the quality of the decision.
Setting a place is one of the most important strategic decisions a firm faces because it relates to the ______ consumers place on the product?
Value
Trends affecting modern marketing?
-consumer emphasis on ethical practices
-increase in global competition
-increase use of social media
-consumer emphasis on social responsibility
Ethical questions regarding members of a firms supply chain relate to the ____ element of the marketing mix?
Place

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