MARKETING 2210

what are the three ways Companies can expand their market share?

- Attracting new customers - Increasing business with existing customers - Retaining current customers

Marketing as a career

- Flexibility to work in both profit and non-profit sectors - provides many opportunities for variety, growth, and advancement - can work in a variety of industries

What does Kevin Roberts quote " Marketing is dead" mean?

- It is about the rebirth of marketing - we are to see marketing from interruption to interaction - marketing is not dead, it is constantly changing

production orientation

- a focus on manufacturing and production quantity in which customers are meant to choose based on what is most abundantly available - also known as the "field of dreams orientation" - customers will have to accept what is offered by what companies create due to lack of product options

relationship marketing orientation

- a strategy that focuses on keeping and improving relationships with current customers - Engagement is the focus of this orientation

the marketing mix

- also known as the 4 P's Product, Price, Place, Promotion

Why marketing Matters

- it is part of every company - it is a rewarding career - it provides an important skill set

what are some movements led by the societal marketing orientation?

- recycling and waste reduction - awareness in dietary and safety issues with products

Customer Value

- the relationship between benefits and the sacrifice necessary to obtain those benefits - customers value goods and services that are of the quality they expect and are sold at prices they are willing to pay

Why study marketing?

-important to society -important to business -good career opportunities

Marketing Concept

1) focuses on customer wants and needs so that the organization can distinguish its offerings from those of its competitors 2) integrate all the organization's activities including production to satisfy customer wants 3) achieve long-term goals for the organization by satisfying customers' wants and needs legal and responsibly

How do marketers that are interested in increasing customer value conduct their business?

1) offer products that perform 2) earn trust through loyalty programs 3) avoid unrealistic pricing by communicating clearly 4) give consumers the facts and the opportunity to learn more 5) offer an organization-wide commitment to service and after-sales support 6) partner with consumers to co-create experiences that consumers want

What are the 5 orientations of marketing?

1) production orientation 2) sales orientation 3) marketing company orientation 4) societal marketing orientation 5) relationship marketing orientation

in the Evolution of Marketing, how many distinct stages have characterized the development of the discipline in the 20th and early 21st centuries?

5

what concept is described as customer's evaluation of a good or service in terms of whether that good or service has met the customer's needs and expectations?

Customer Satisfaction

what are the two essential customer-based strategies?

Customer satisfaction and relationship marketing

marketing mix; Place

Relates to much of the behind the scenes activities of making an offering available to the customer.

what is a need in terms of marketing?

a state being where we desire something that we do not possess but yearn to acquire

relationship marketing

a strategy that focuses on keeping and improving relationships with current customers - this strategy assumes that many consumers and business customer's prefer to keep an ongoing relationship with one organization rather than to switch continually among providers in their search for value

Marketing Company Orientation

a strong emphasis on the marketing concept and development of a more comprehensive approach to understanding the customer

relationship building

companies can expand their market share in three ways; attracting new customer's, increasing business with existing customers, and retaining current customers

what is the relationship between benefits and the sacrifice necessary to obtain those benefits called?

consumer value

the current state in which marketing finds itself heavily influenced by which modern business concept?

corporate social responsibility

What does CRM stand for? what is this a result of?

customer relationship management relationship marketing orientation

customer satisfaction

customers' evaluation of a good or service in terms of whether it has met their needs and expectations

market segments

groups of individuals, families, or companies that are placed together because it is believed that they share similar needs

sales orientation

hard selling to the customer, who has greater choice thanks to more competition in the marketplace

what is the goal in marketing?

it is about understanding the needs of others

societal marketing orientation

looking not only at the customer but expanding marketing efforts to include aspects from the external environment

exchange

people giving up something in order to receive something else they would rather have

marketing mix; Price

relates to the quantifying of a value in exchange for a company's offering

marketing mix; Product

relates to the tangible and intangible aspects of a company's offering

Marketing Mix: Promotion

relates to what most people believe marketing to be about. - the ones that get into the news and the faces of customers

to be successful in marketing, it is important to combine which two factors that relate to learning?

skills and abilities

Marketing

the activities that develop an offering I order to satisfy a customer need

what is the marketing concept?

the marketing concept focuses on linking the needs of customers with the competencies of an organization seeking to meet those needs