Week 1: What is Marketing?
Product
A good, service, or idea to satisfy the customer's needs
Self - sufficiency
Ability to produce and distribute food
Example of social needs
Acceptance, relationships, staying connected aka: match.com, Hallmark, Facebook
Example of personal needs
Accomplishments, relaxation aka: McDonalds "You deserve a break today"
Example of safety needs
All - State, Insurance, Shelter, Home security
Basic benefit
At the core of every product/service bundle is the ____ ____ delivered by the offering.
solving problems
Companies survive by ____ ____ for customers, not by building stuff or providing services
Example of bartering
Donating blood, working (you offer your time and skills for a paycheck)
Efficiency
Exchange brings ______.
Customer Facing Roles
Interact with customers and retail
Do not
Marketers ___ ___ create the core need
Exchange
Marketing is ____________.
What are the PSSP Hierarchy of Needs?
Physiological, Safety, Social, Personal
Core needs/benefits
Problems being solved
Marketing Management Roles
Understand and analyze customer needs
Promotion
the means of communication with the customer
Consumption chain
the sequence of stages that comprise the customer's experience with a product or service
Decentralized exchange
when you get really good at one thing then find exchange for another product
general electric
Which company is generally credited with originating the marketing concept?
DUFL
Which company recently identified a pain point faced by business travelers?
physiological needs
Which needs reside at the lowest level in the PSSP heirarchy of needs?
self-sufficiency
Which of the following types of markets is least efficient?
personal need
Which of the following types of needs would likely be satisfied LAST if other types of needs were present?
decentralized exchange
With ____ ____, individuals find exchanged partners to obtain the items that they need.
Everyone
"_______ lives by selling something." Robert Stevenson Dr. = Health Fundraisers = support
Need
The recognition of any difference between a consumer's actual state and some ideal or desired state
producing the physical product
There are several different types of marketing functions that must take place in order to get products from producers to consumers. Which of the following is NOT one of those functions?
Place
Refers to the means of getting the product, service, or idea to the customer
50%
Roughly ___ % of the dollar price paid by customers for a product goes to cover the cost of marketing
The evolution of markets
Self-sufficiency -> Decentralized exchange -> centralized exchange
Goals Activities Progress
Set Marketing ______ Manage Marketing ______ Measure Marketing ______
True
T or F: Just because someone will buy something doesn't mean its the right thing to sell.
True
T or F; If the national institutes of health issues a guideline with cautions about the intake of certain types of artificial sweeteners, this would be an example of marketing.
True
T or F; when an individual "sells" her time and labor to an organization, a marketing transaction takes place.
Price
What is exchanged for the product, service, or idea
Pain Point
A problem faced by a potential customer ex. something that causes a problem such as more work DUFL got rid of this ___ ____ by providing a luggage business.
Who does marketing?
For-profit companies (Walmart), non-profit organizations (Relay for Life = good feeling), government entities (Army Reserves)
Centralized exchange
Middle - man in exchange
solutions to problems
The marketing concept recognizes that people dont really buy products, they buy ____ to _____.
Marketing Concept
A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long term profitability
no
Can marketers create needs? Ex. Pet rock
Goal of marketing
Exchange that benefits both parties
Exercise Constructed to avoid injury Running Groups Self-esteem and fulfillment
How Nike appeals to all 4 needs Physiological needs - Safety Needs - Social needs - Person needs -
False
It is important that any employees that interact with a company's customers carry "marketing" as part of their job titles.
Sometimes
Marketers ____ highlight differences between how things are and how they could be
frequently
Marketers ____ influence how consumers choose to satisfy needs
wants
Marketers are most effective at influencing consumer ____.
Needs and wants
Marketing exists because people have ____ and ____ that they are willing to give up things of value to satisfy.
Broad
Marketing is an extremely ______ field
more than one
Most companies aim at ___ or ___ needs.
Barter
Process of exchanging goods and services between two parties (without $ changing hands)
marketing
When an individual donates money to a charity, a ___ transaction has taken place.
Marketing concept
The concept starts with the market and its focus is on customer needs to receive an outcome of profits through customer satisfaction
experience
The consumption chain is the sequence of stages that comprise the customer's ___ with a product or service.
Want
The desire to satisfy needs in specific ways that are culturally and socially influenced Ex. Fidget spinner - need for entertainment Dove - No Body Odor
Exchange
The efficiency of ____ lowers the cost of goods and services
self- sufficiency decentralized exchange centralized exchange
The evolution of marketing proceeds in which of the following orders:
Example of physiological needs
Things you need to survive: sleep, food, drinks aka: snicker commercial
Selling concept
This concept starts with the company and its focus us existing products and services to receive an outcome of profits through sales volume
Everyone
______ is a marketer, because we all make changes as part of life
Marketing
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.
Process
the flow of activities involved in providing goods, services, and ideas to the customer
People
the human actors who provide goods, services, and ideas to the customer
Marketing management
the process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress toward their achievement