Marketing 495 - Exam 1 Review

metamediaries

a single access point where buyers can locate and contact many different sellers in the metamarket

Strategy

Outlines the organizations game plan for success

Unclear Legal Jurisdiction

A final issue concerns the conflicting perspectives over legal jurisdiction when a company does business in more than one country.

Metamarkets

a cluster of closely related goods and services that center around a specific consumption activity

What is a market

At its most basic level, a market is a collection of buyers and sellers. We tend to think of a market as a group of individuals or institutions that have similar needs that can be met by a particular product or product category.

Privacy, security, and ethical concerns

Changes in technology have made our society much more open than in the past. As a result, these changes have forced marketers to address real concerns about security and privacy, both online and offline.

Audience and Media Fragmentation

Despite the challenge of reaching mass audiences today, media fragmentation does have a big advantage: It is easier to reach small, highly targeted audiences who are more receptive to specific marketing messages.

What is Exchange

Exchangeis traditionally defined as the process of obtaining something of value from someone by offering something in return; this usually entails obtaining products for money. For exchange to occur, five conditions must be met: a)There must be at least two parties to the exchange. b)Each party has something of value to the other party. c)Each party must be capable of communication and delivery. d)Each party must be free to accept or reject the exchange. e)Each party believes that it is desirable to exchange with the other party.

Different Views of Marketing

In 2005, the American Marketing Association changed the definition of marketing to better reflect the realities of competing in today's marketplace: "Marketing is an organizational function and a set of business processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders." This revised definition stresses two critical success factors in marketing today: value and customer relationships. The AMA changed the definition of marketing again in 2007. The definition now reads: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." Another way to think about marketing relates to meeting human and social needs. This broad view links marketing with our standard of living, not only in terms of enhanced consumption and prosperity, but also in terms of society's well being.

Shifting Demand Patterns

In some cases, changes in technology have shifted customer demand for certain product categories. The challenges faced by the movie rental industry bear this out.

Possession Utility

Possession utility deals with the transfer of ownership or title from marketer to customer.

Form utility

Products high in form utility have attributes or features that set them apart from the competition.

Place utility

Products high in place utility are available where customers want them, which is typically wherever the customer happens to be or where the product needs to be at that moment.

Psychological Utility

Products high in psychological utility deliver positive experiential or psychological attributes that customers find satisfying.

Time utility

Products high in time utility are available when customers want them.

Power Shift to Customers

The astounding growth of the internet has shifted power to customers, not marketers.

Changing Value Propositions

The speed and efficiency of commerce today has changed the way customers view value. In situations where customers see goods and services as commodities, customers will turn to the most convenient, least expensive alternative.

Competitive Intelligence

involves analyzing the capabilities, vulnerabilities, and intentions of competing businesses.

Marketing strategy decisions

can be composed of one or more marketing programs; each program consists of two elements—a target market or markets and a marketing mix (sometimes known as the four Ps of product, price, place, and promotion).

Tactical planning

concerns itself with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets.

Environmental Scanning

involves the analysis of economic, political, legal, technological, and cultural events and trends that may affect the future of the organization and its marketing efforts

Internal analysis

involves the objective review of internal information pertaining to the firm's current strategy and performance, as well as the current and future availability of resources.

Marketing plan

provides the outline for how the organization will combine product, pricing, distribution, and promotion decisions to create an offering that customers will find attractive.

What is a product?

something that can be acquired via exchange to satisfy a need or a want. This definition permits us to classify a broad number of "things" as products: goods, services, ideas, information, digital products, people, places, experiences and events, real or financial property, and organizations.

competitive advantage

something that the firm does better than its competitors that gives it an edge in serving customers' needs and/or maintaining mutually satisfying relationships with important stakeholders.