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Marketing Exam 1, Ch.1

Terms

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Activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large
Marketing
Exchange
Trade of things of value between buyer and seller so that each is better off after
What factors influence marketing activities?
Organization Partnerships with suppliers Environmental forces Customer relationships Alliances with other organizations
Four factors required for marketing
1. Two or more parties must have unmet needs 2. Both parties have desire/ability to satisfy each others' needs 3. Each party must be able to communicate 4. Each party must have something of value to exchange
Need
A basic necessity; physiological basis
Want
Needs shaped by society; "felt need"
Marketing mix
Controllable factors: Price, product, place, promotion
Environmental factors (5)
Social Economic Technological Competitive Regulatory
Customer value
Unique combination of benefits received by targeted buyers (loyal and satisfied customers repurchase products)
Relationship marketing
Links organization to customers, employees, suppliers
Production era
Early U.S. - 1920s: goods were scarce, consumers were not picky
Sales era
1920s-1960s: Manufacturers produced more than buyers consumed; competition flourished
Marketing concept era
Late 50s-1990s: Satisfying consumer needs while accomplishing organizational goals
Consumer relationship era
1980s-Today: CRM - Identifying prospective buyers, understanding the buyers, developing relationships
Goods
Physical objects (ex: soap)
Services
Intangible items (ex: legal representation)
Ideas
Thoughts about concepts (ex: protecting the environment)
Ultimate consumers
People who use the product in a household
Form utility
Production of a good/service
Place utility
Having the offering available where consumers need it
Time utility
Having the offering when consumers need it
STP marketing
Segmentation: Identifying different needs Targeting: Choosing needs to address Positioning: Marketing to the target segments
Customer lifetime value (CLV)
Value of all purchases of a loyal customer Includes: Acquisition costs, base profit, revenue growth, operating cost savings, referrals, price premium (charge more to loyal customers)
Market share
Ratio of sales revenues to total industry sales (me/entire industry)

Deck Info

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