Class One: Intro to Foundations

Question 1

What is Marketing (dictionary definition)

Answer 1

• The act or process of selling or
  purchasing
• The process or technique of
  promoting and selling a product
  or service
• An aggregate of functions
  involved in moving goods from
  producer to consumer

Question 2

what is amercian marketing association defof marketing that has eveovled?

Answer 2

1935: from directing g/s from producers to consumers

to

1985: product, pricing, promotion, and distribution (4P’s of mktg), exchanging IDEAS

to

now it is about creating and delivering value to stakeholders

to

delivering values to customers, clients, partners, and society!

Question 3

from we create goods for customers to we create value for people!

Answer 3

the growth of the definiton

Question 4

academic litearture explain marketing: mccarthy def of mktg 2 components

1983

Answer 4

micro: performance of activiies to accomplish org objectives;; WE DO MARKETING THINGS

macro: social process to direct flow of g/s; CONSIDER SOCIETY

Question 5

academic literature (2001) kotler

Answer 5

mktg art and science to create and deliver value to TARGET MARKETS!!!!

you can not mass market! there are target markets

Question 6

Academic literarture (2011): Winer and Dhar

Answer 6

activiies to influence choice for indiivudals or organizations! when an individual or org has a choice to make

Question 7

what is the class definition of mktg?

Answer 7

MANAGING THE EXCHANGE RELATIONSHIP!!!!

company creates values for cusotmers

then company gets organizational value

the space between is called the exchange space

Question 8

How do you manage the exchange relationships?

Answer 8

there are many different types of exchange relationships!!! this is why we have the continuum

Question 9

relaitonal continuum

Answer 9

types of relationships range from

TRANSACTIONAL

VALUE ADDED

COLLABORATIVE

Question 10

what is transactaionl relationshl

Answer 10

separating transaction from all else between particpants before/during/after exchange

THERE IS NO RELATIONSHIP BESIDES THE TRANSACTION!!!

paying with cash for unbranded stuff (like unbranded gasoline, and paying with cash)

Question 11

what is value addedd relationship

Answer 11

maintiang exchange with existing buyers and suppliers!!!

like paying with a visa or buying specific type of gas

Question 12

what is collaboative relationship

Answer 12

close info, social and operational linkage as mutual commtiment made in expectation of long run benefits!!1

like a b2b relationship

Question 13

product and service orgs have customers!

Answer 13

service departments within orgs (such as HR) also have customers (there is an EXCHANGE RELATIONSHIP, so there is internal marketing)

Question 14

pharma manufacturer, who are the customers?

Answer 14

doctors are influencers and enablers, they influecne customers

the customer is the patient

Question 15

universitites customers vs products?

Answer 15

businesses, and then students

Question 16

customer what does it mean

Answer 16

it is a very BROAD UMBRELLA DEFINTION!! [it contains the terms, client, buyer, consumer]

-> buyer and consumer can sometimes be the same individual
-> clients implies a professional relationship!

Question 17

criticisms of mktg: it creates uncessary demand for what people dont really need

Answer 17

this is why differentiate, needs, wants and demadns

Question 18

needs vs wants vs demand

Answer 18

needs: what are the requirements. BORN WITH THIS

wants: desires! learned through culture. THESE ARE LEARNED

demand: wants backed up by buying power

Question 19

Mktg concept

Answer 19

achieving org goals by knowing the eneds and wants of the target market, and devliering value better than any ocmpeititors

Question 20

mktg concept: continuum

Answer 20

inward to outwards

production/prodcut/tech oriented
->
sales oreineted
->
mtkg oriented
->
market oriented

Question 21

businesses with inward focus

Answer 21

1. production/product/tech oriented (focused on mass production, and effeciciency; unconcenerd with quality and variety)
2. sales oriented
   (increased compeitition, so now there is increased choice alternatives!!1) sales becomes the comp adv (how to market unsought and unknown goods)

FOCUSED ON SELLING THE THINGS WE MAKEbu

Question 22

businesses with outwards focus

Answer 22

1. Marketing oriented:
   this is the org funciton! process of planning and exexucting the four P’s (customer led) THIS IS MCCARTHY MICRO DEFINITION
2. market oriented: focus on wants/needs of the target market (customer FOCUSED< interdeparatmental cooperation, sustainability) THIS IS MCCARTHY MACRO DEFINITON

Question 23

SAYING HEHEEHH:

customers dont buy quarter inch drill bit! they buy quaretr inch holes

Question 24

what is interdepeartmental cooridiantion

Answer 24

all functions need to work together to deliver value for customers

Question 25

collaborative partners

Answer 25

relationships with other entities (supply chain) to meet the needs of end users

Question 26

what exsists in the final exchange space?

Answer 26

Going from company to customers: 1. customer value (offering portfolio) 2. outbound communications (to convince customer of unique posisitoning) what do customers give to companies 1. org value (sustainabiltiy in the long run) 2. inbound communications (understandings of what beenfits they ened)