Marketing Overview (Lecture #2) Flashcards
def. marketing
all activities for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large
What does marketing emphasize?
emphasis on delivering genuine benefits by offering goods, services, ideas or experience
What are the 4 requirements for marketing to occur?
- Two or more parties with unsatisfied needs
- Desire and ability to satisfy these needs
- Way for parties to communicate
- Something to exchange
What is a market (general)?
the people and orgs with desire to buy
What occurs in social marketing?
org markets a cause and/or programs designed to influence the behaviour of individuals and benefit the society as a whole, but not the marketer
What are the diverse factors influencing marketing activities? (5 general)
- Society
- Organizations
- Suppliers
- Buyers (customers)
- Int’l Regulations
What does marketing focus on?
discovering and satisfying prospective customers’ needs, wants, and experiences
What is marketing’s important task?
discovering consumers’ needs and wants
def. need
occurs when a person feels deprived of basic necessities
def. want
a need that is shaped by a person’s info, knowledge, culture and personality
What is marketing’s first task?
discovering needs
def. marketing program
program that integrates the marketing mix to provide goods and services to satisfy prospective buyer’s needs and wants
What is controllable in terms of marketing?
4 P’s (product, promotion, price, place(distribution))
What is uncontrollable in terms of marketing?
Environmental factors
social, economic, technological, competitive, regulatory forces
What are the 6 different eras in the North American business?
- Production Era
- Sales Era
- Marketing Concept Era
- Market Orientation
- Customer Experience Management Era (CEM)
- Social Media Marketing Era
Describe the production era
goods were scarce, assumed products would sell themselves, buyers accept almost anything
**focus on manufacturing
describe the sales era
focus on hiring salespeople to find new markets and customers for firm’s existing products
describe the marketing concept era
idea that an org should:
- strive to satisfy needs and wants of consumers
- try to achieve org goals`
describe the marketing orientation era
focus on:
- continuously collecting info about customers’ needs and competitors’ capabilities
- sharing this info across the department
- using info to create customer value
def. customer value
unique combination of benefits received by targeted buyers including quality, price, convenience, delivery all Before-sale, During-sale, and After-sale services (BDA)
def. customer satisfaction
when there is a match between customer expectation and product’s actual performance (fail, match, exceed)
def. customer relationship management (CRM)
the process of building and developing a long term relation by delivering value and satisfaction to customers
describe the customer experience management era (CEM)
-means of managing the customers interaction with the org at all touch-points
**overall experience is more important than product experience alone
CRM needed but not sufficient
describe the social media marketing era
- customer generated online marketing efforts to promote products and brands to their favourites and negatively impact others of which they are not a fan
- use of online tools to promote brands, products, programs
def. societal marketing concept
org’s need to discover needs and satisfy them in ways they also improve society’s well-being
def. macromarketing
looks at aggregate flow of nations goods and services to benefit society
def. micromarketing
org’s directing its marketing activities and allocating its resources to benefit its customers
