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Marketing 317 Foundations of Marketing > Ch.1 Foundations of Marketing > Flashcards

Ch.1 Foundations of Marketing Flashcards

1
Q

How was marketing perceived in 1935?

A

-The activity that direct the goods/services from producer to consumer

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2
Q

How was marketing perceived in 1985?

A

Planning, executing the conception of ideas via …
- conception
-pricing
-promotion
-distribution
Createsan exchange that satisfy individual and organizational objective

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3
Q

How was marketing perceived in 2004?

A

Marketing is an organizational function, and a set of processes for CREATING, COMMUNICATING and CREATING, delivering value to costumer relationships in ways that BENEFIT the ORGANIZATION and STAKEHOLDER

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4
Q

How was marketing perceived in 2007

A

Marketing is the activity, set of institutions and processes for CREATING, COMMUNICATING,DELIVERING and EXCHANGING offering that have value for

  • customers
  • client
  • partners
  • society as a large
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5
Q

Academic Literature

McCarthy (1983)

A

Micro- Performance of activities which seek to accomplish organizational objectives
Macro - A social process which directs an economy’s flow if goods and services form producers to consumers in a way which effectively matches supply and demand and accomplishes the objectives of society\

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6
Q

Academic Literature

Kotler (2001)

A

The science and art of exploring, creating, and delivering vlaue to satisfy needs of a target market at a profit.

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7
Q

Winer and Dhar (2011)

A

The set of activities designed to influence choice whenever an individual or an organization has a choice to make.

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8
Q

Describe the Basic Exchange System (4)

and name the direction of each of all four elements

A

Society at Large

Exhange system

  • Outbound Communication (ads) ->
  • Customer Value (creating & delivering ->
  • Organizational Value (Profit & Sustainability)
  • Inbound Communication
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9
Q

Who are the two parties of the exchange system

A

1) Partners, organization, and producer

2) Customer, clients, and cosumer

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10
Q

Needs, Wants & Demands. Describe all

A 
Needs- State of felt deprivation
          - Innate
          -basis specific part of 
           human nature
Want - Specific solution to 
           satisfy need
   -Learned through culture, 
     socialization
Demand - Wants backed by 
                  buying power
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11
Q

Needs, Wants & Demands. Describe each needs.

A

Needs- State of felt deprivation
- Innate
-basis specific part of
human nature

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12
Q

Needs, Wants & Demands. Describe each Wants.

A

Want - Specific solution to

satisfy need

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13
Q

Needs, Wants & Demands. Describe demand

A

Demand - Wants backed by

buying power

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14
Q

What is the Marketing Concept:

A

A philosophy that focuses on achieving organizational goals (e.g., profit, sustainability) by analyzing the needs of customers then making decisions to satisfy those needs, better than the competition

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15
Q

What the Marketing Concept is NOT

A
  • Be all things to all people
  • Serve all customers’ needs
    at all costs
    -The customer is always right
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16
Q

Business Orientation (4)

A

Product Focused
Sales Driven
Marketing driven
Market focused

17
Q

Business Orientation - Describe Product Focused (internal)

A 
Production/ product driven
  Dominant: Industrial 
  Revolution (1940)
-Focuses on mass 
production/ distribution
-Less concern w quality, variety, competition
18
Q

Business Orientation - Describe Sales Driven

A

Dominant: Post-WW2 -1960s

  • Increased competition; increased choice alternatives
  • Sales as a competitive advantage
  • Required for unsought, shopping, complex and unknown goods
19
Q

Business Orientation - Marketing Driven

A

Dominant: later 20th century

  • Numerous brand managers, layered decision making
  • Over-reliance on marketing research, test markets
  • Many line extensions, few “new” product
20
Q

Business Orientation - list Market Focused (external) (2)

A

1) Market Orientation

2) Societal Marketing

21
Q

Business Orientation - Market Focused (external)

- Describe Market Orientation (3)

A

1) Customer focused
2) Interdepartmental Cooperation
3) Sustainability

22
Q

Business Orientation - Market Focused (external)

  • Market Orientation
  • Describe Customer Focused (2)
A

1) Understand that customers buy benefits not products

2) Translate the demand for benefit

23
Q

Business Orientation - Market Focused (external)

  • Market Orientation
  • Describe Interdepartmental Cooperation (2)
A
  • Generate and disseminate market information

- Acknowledges that customer satisfaction is the responsibility of all departments

24
Q

Business Orientation - Market Focused (external)

  • Market Orientation
  • Describe Sustainability (2)
A

1) Align cross-functional goals

2) Satisfy customers’ needs better than competitors

25
Q

Business Orientation - Market Focused (external)

- Describe Societal Marketing Orientation

A

Adopting a market orientation subject to long-term benefits of society

26
Q 
Business Orientation - Market Focused (external) 
-   Societal Marketing Orientation (21st century)
Describe the (3) points
A
  • Economic well-being
  • Sustainability of natural resources
  • Viability of key partners
27
Q

What are the first four steps on the Marketing Process and what do they represent

A

1) Understand the marketplace and customer needs/wants
2) Design a customer-driven marketing strategy
3) Construct an integrated marketing program that delivers superior value
4) Build profitable relationships and create customer delight
They represent, the created value FOR CUSTOMER and build customer relationships

28
Q

What is the last step in the marketing process? What does is represent?

A

5) Captures value from customers to create profits and customer equity
It represents captured value FROM CUSTOMER in return

29
Q

The Marketing Process

Define Offering Portfolio (4)

A
  • Products and services
  • Branding, packaging and labelling
  • Packaging
  • New product development
30
Q

The marketing Process

Communication (2)

A

1) In-bound - Research and intelligence generation

2) Outbound - Integrated communication

31
Q

The Marketing Process

Getting to Market to Market (2)

A

1) Intermediaries

2) Partnerships and alliances

32
Q

Define a Value Proposition:

A

A set of benefits or values that you can deliver to customers to satisfy their need
- Perceived Value

33
Q

How do you calculate perceived value

A

Perceived value= benefits- perceived cost to receive

34
Q

What is unique positioning

A

Why us and not the competitors

ex) Safety (Volvo), performance (BMW), Fuel economy (prius), reliability (Honda)

35
Q

Relationship Marketing name the three Relational Concepts

A

1) CRM
2) SRM
3) SCM

36
Q

Define CRM

A

Customer relationship management.

  • Loyalty and reward management
  • More than data mining
37
Q

Define SRM

A

Supplier relationship management.

  • join ventures, alliances
  • More than integrated systems
38
Q

Define SCM

A

Supply Chain Management.

  • End-to-end coordination
  • More than purchasing management

Marketing 317 Foundations of Marketing (3 decks)

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