MKT 574: Marketing in today's business milieu

Marketing (Big M) / strategic marketing

serves as a core driver of business strategy, that is an understanding of markets, competitors, and other external forces, coupled with attention to internal capabilities, allows a firm to successfully develop strategies for the future.

marketing (little m) / tactical marketing

serves the firm and its stakeholders at a functional or operational level

focus on production and products

shift of focus from meeting demand one time at a times to mass production via the assembly line

Competitor proliferation, open secrets, universal innovation, information depreciation, easy growth, and time-deprived customers represent which change driver impacting the future of marketing?

shift to product glut and customer shortage

At the broadest conceptual level, members of society at large can be viewed as stakeholders for marketing, a concept called _______ marketing.

societal

Marketing's ______ include any person or entity inside or outside a firm with whom marketing interacts, impacts, and is impacted by.

stakeholders

_____ means a long-term, firm-level commitment to investing in marketing -- supported at the highest organization level-- for the purpose of enhancing organizational performance.

strategic marketing

sales orientation

suggests that, to increase sales and consequently production capacity utilization, professional salespeople need to "push" product into the hands of customer, Bothe businesses and end users.

Which of the following are action elements required fro successful Marketing (Big M)? Select all that apply.

1. align all internal organizational processes and systems around the customer 2. forget the concept that the marketing department is where Marketing (Big M) takes place 3. make sure everyone in an organization understands the concept of customer orientation 4. find somebody at the top of the firm to consistently champion this Marketing (Big M) business philosophy 5. create market-driving, not just market-driven, strategies

Which of the following are sources of information that empower customers? Select all that apply.

1. chat rooms 2. independent websites 3. blogs

6 new market realities

1. competitors proliferate 2. all secrets are open secrets 3. innovation is universal 4. information overwhelms and depreciates 5. easy growth makes hard times 6. customers have less time than ever

According to _______, 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.

The American Marketing Association

exchange

a person gives up something of value to them for something else they desire to have

value

a ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits

one-to-one marketing

advocates that firms should direct energy and resources into establishing a learning relationship with each customer and then connect that knowledge with he firm's production and service capabilities to fulfill that customer's needs in as customer a manner as possible

market creation

approaches that drive the market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before.

societal marketing

at the broadest conceptual level, members of society at large can be viewed as stakeholders for marketing

mass customization

combine flexible manufacturing with flexible marketing to greatly enhance customer choices

differentiation

create and communicate what clearly distinguishes your products from those of competitors in this minds of customers

A(n) _____ orientation means placing the customer at the core of all aspects of the enterprise.

customer

Which of the following conditions did not cause production capacity utilization to decline around the end of WW1?

customers became the central component of marketing

A(n) ________ orientation means creating and communicating what clearly distinguishes your products from those of competitors in the minds of customers.

differentiation

During the _______, the focus was on improving products and production efficiency without much regard for what was going on in the marketplace.

early 20th century

A central tenet of marketing is the concept of _________, in which a person gives up something of value to them for something else they desire to have.

exchange

True or false: As a field of study, marketing is only important to those involved in consumer industries

false

The concept of environmentally friendly marketing is also known as _____ marketing.

green

production orientation

improving products and production efficiency without much regard for what was going on in the marketplace

marketing stakeholders

includes any person or entity inside or outside a firm with whom marketing interacts, impacts, and is impacted by.

An approach that drives the market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before is _______ ______.

market creation

Putting the marketing concept into practice represents:

market orientation

________ always needs to be couched within the philosophy, culture, and strategies of the firm's Marketing (Big M).

marketing (little m)

The _________ is an organization-wide customer orientation with the objective of achieving long-run profits.

marketing concept

Combining flexible manufacturing with flexible marketing to greatly enhance customer choices is called:

mass customization

marketing metrics

must be designed to identify, track, evaluate, and provide key benchmarks for improvement just as various financial metrics guide the financial management of the firm

A(n) ____ could include a bundle of goods, services, ideas, and other components often represented by strong overreaching branding.

offering

______ to _______ marketing advocates that firms should learn each customer and then connect that knowledge with the firm's production and service capabilities to fulfill that customer's needs in as custom a manner as possible.

one to one

Before the creation of assembly lines and mass production, marketing was done very much on a ________ basis between firms and customers.

one-to-one

Pre-industrial revolution

one-ton-one basis between firms and customers

marketing concept

organization-wide customer orientation with the objective of achieving long-run profits

Sophisticated, integrated supply chain approaches are a crucial component of ______, a component of the marketing mix.

place

customer orientation

placing the customer at the core of all aspects of the enterprise

Today, _______ is largely regarded in relationship to the concept of value.

price

improving products and production efficiency without much regard for what is going on in the marketplace is referred to as a ______ orientation.

production

The proliferation of high-tech media options available to marketers today has brought about changes in:

promotion

sustainability

refers to business practices that meet humanity's needs without harming future generations

Recognizing the power of securing, building, and maintaining long-term relationships with profitable customers represents:

relationship orientation

Professional salespeople "pushing" product into the hands of customers to increase sales and consequently production capacity utilization is referred to as a ______ orientation.

sales

Which of the following are the conditions that need to be present for any exchange? Select all that apply.

1. each party has something that might be of value to the other party 2. each part believes it is appropriate or desirable to deal with the other party 3. there must be at least two parties 4. each party is capable of communication and delivery

7 big problems of marketing

1. effectively targeting high value sources of growth 2. the cold of marketing gin the firm and the C-suite 3. the digital transformation of the modern corporation 4. generating and using insight to shape marketing practice 5. dealing with an omni-channel world 6. competing in dynamic, global markets 7. balancing incremental and radical innovation

Which of the following are reasons that the AMA definition of marketing is considered good? Select all that apply.

1. it focuses on the more strategic aspects of marketing 2. it recognizes marketing as an activity, set of institutions, and processes 3. it shifts the areas of central focus of marketing to value

Marketing misconceptions

1. marketing is all about advertising 2. marketing is all about selling 3. marketing is all fluff and no substance 4. marketing is inherently unethical and harmful to society 5. only marketers market 6. marketing is just another cost center in a firm

After WW2, the advent of the marketing concept was due to which of the following reasons? Select all that apply.

1. opening up of production capacity dominated for years by war production 2. a desperate need to regain a normalcy of day to day life after years of war 3. pent up demand for consumer goods and services after the war 4. advent of readily available mainframe computing capability

Reasons for the marketing shift after the war

1. pent up demand for consumer goods and services after the war 2. euphoric focus on family and a desperate need to regain a normalcy of day to day life after years of war 3. opening up of production capacity dominated for years by war production 4. advent of readily mainframe computing capability, and especially the associated statistical analytic techniques that allowed for more sophisticated market research

Marketing Mix / 4P's of marketing

1. product 2. price 3. place 4. promotion

Which of the following are key components in the marketing mix? Select all that apply

1. product 2. price 3. place 4. promotion

Which of the following are evolutionary steps beyond the original marketing concept? Select all that apply.

1. relationship orientation 2. market orientation 3. differentiation orientation 4. one to one marketing

5 key areas of shift / change drivers

1. shift to product glut and customer shortage 2. shift in information power from marketer to customer 3. shift in generational value and preferences 4. shift in distinguishing Marketing from marketing 5. shift to demanding return on marketing investment

5 conditions for an exchange

1. there must be at least two parties 2. each party has something that might be of value to the other party 3. each party is capable of communication and delivery 4. each party is free to accept of reject the exchange offer 5. each party believes it is appropriate or desirable to deal with the other party

_____ consumers tend to be much more receptive to electronic commerce as a primary mode of receiving marketing communication and ultimately purchasing than are prior generations.

GenY

________ serves as a core driver of business strategy

Marketing (Big M)

______ is a core business activity that focuses on leading and managing the facets of marketing to improve individual, unit, and organizational performance.

Marketing management

True or false: the AMA believes that the role of marketing in enhancing the greater good of society is more important than any of the challenges that marketing faces.

True

_______ refers to business practices that meet humanity's needs without harming future generations.

sustainability

Little-m marketing is considered to be _____ marketing because it almost always takes place at the functional or operational level of a firm.

tactical

Marketing occurs on two dimensions within an organization: strategic and ________ marketing.

tactical

marketing

the American Marketing Association defines marketing as 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

market orientation

the implementation of the marketing concept

marketing managements

the leading and managing of the facets of marketing to improve individual, unit, and organizational performance

relationship orientation

the realization that it is far more effective and efficient to invest in keeping and cultivating profitable current customers instead of constantly having to invest in gaining new customers that come with unknown return on investment.

_______ is the ratio of bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.

value