Chapter 1 Flashcards
There must be 2 or more parties with unsatisfied needs.
PREREQUISITES FOR MARKETING
The desire or need for one party to meet (satisfy) the needs of another.
PREREQUISITES FOR MARKETING
Parties must have something to exchange.
PREREQUISITES FOR MARKETING
There must be a means to communicate.
PREREQUISITES FOR MARKETING
The components of a marketing mix (Four P’s)
PRODUCT
PRICE
PLACE
PROMOTION
Goods, services, or ideas offered by a firm.
PRODUCT
Focus on what the consumer is willing to pay.
PRICE
Manner in which goods are distributed by a firm.
PLACE
Anyway of informing the marketplace of your existence.
PROMOTION
Wish or desire for something.
WANT
Condition in which there is a deficiency of something or one requiring relief.
NEED
It can effect price and insurance
WANTS VS. NEEDS
Eras of Marketing
PRODUCTION ERA
SALES ERA
MARKETING ERA
Primary focus was producing high-quality products.
PRODUCTION ERA
Focus on volume and sales.
SALES ERA
Customer-driven/marketplace-driven
MARKETING ERA
5 Elements of Marketing Orientation
CONSUMER ORIENTATION COMPETITOR ORIENTATION INTER-FUNCTIONAL COORDINATION LONG-TERM FOCUS PROFITABILITY
Having sufficient understanding of the target buyers to be able to create superior value for them.
CONSUMER OREINTATION
Recognizing competitors’ SWOT analysis.
COMPETITOR ORIENTATION
Coordinating and deploying company resources that focus on creating value for the customer.
INTER-FUNCTIONAL COORDINATION
Adopting a perspective that includes a continuous search for ways to add value by making appropriate business investments.
LONG-TERM FOCUS
Earning revenues sufficient to cover long-term expenses
PROFITABILITY
Group of customers the organization wishes to attract
TARGET MARKET
Who does marketing?
Everyone
Who are the customers?
Patients, Physicians, Schools,Staff…
Determines which services are most needed. (Satisfies customers’ needs)
MARKET-DRIVEN PLANNING
Makes decisions that are self serving without having the parts in place to implement the desired service.
NON MARKET-DRIVEN PLANNING
An organization must develop a marketing strategy that is sensitive to what 3 factors?
Stakeholders, Environmental factors, and Society
Any group that has a relationship with the company.
Stakeholders
Regulations (legal issues), Social(demographic and culture trends), Technological Economic(changes in income distribution), and competitive factors
Environmental Factors
Each distinct product or related set of products has its own marketing organization. Responsibility rests with the product line manager.
PRODUCT-ORIENTED ORGANIZATION
Each distinct major market has it own marketing organization.
MARKET-ORIENTED ORGANIZATION
Entity that can implement organized processes for improving quality and controlling the cost of car.
ACO (Accountable Care Organization)
Planning and EXECUTION THE CONCEPTION, PRICING, PROMOTION, AND DISTRIBUTION OF IDEAS, GOODS, AND SERVICES to create exchanges that satisfy individual and organizational objectives.
MARKETING
