what is marketing

Jeff only shops for shoes at Men's Wearhouse. He gets help from Sarina at his local store and is very satisfied with each purchase. Even when other retailers have sales, he continues to buy at Men's Wearhouse. This is an example of what advantage of managing a customer relationship well?

competitive advantage

Marketing should create services and goods for a company to offer at a price to its customers in order to:

create and exchange process

Joe receives a new hat for his birthday from his friend Nate. In this example Nate is a:

customer

Samantha buys a pair of gloves for her father, Joe, for Christmas. In this example Samantha fits the definition of a:

customer

is summer break and you are at the beach. Walking down the boardwalk, you notice a sign-spinner flashing the way to a local ice cream shop. He is dressed like a homeless person, and this makes you question the quality of the ice cream being sold. You quickly move on down the boardwalk. This is an example of a marketing strategy that

customer perception

retain

customers by creating new opportunities to win customer loyalty and business.

The Museum of Modern Art sends out donation cards in the mail three times a year to previous donors. It also target markets by sponsoring school visits from the local k-12 schools. What type of marketing emphasis do they use?

dual emphasisi

A process in marketing involving a provider, a customer, a product, and a transaction is known as the

exchange process

non profit marketing

exist to benefit a stated mission or purpose, regardless of whether profits are achieved

B2B (business to business)

focus on close relationship

B2C (Business to consumer)

focus on making demand

According to marketers, what happens when a frozen yogurt customer, Radley, goes on social media promoting his preference about a yogurt shop's service and flavor offerings?

he potentially generates new business

Marketing with people

helps people navigate the world around them to find the things that address their wants and needs

Early in Ford Motor Company's history, it offered just one car (Model T) to customers. The cars were made exactly the same way for everyone at a low price. This is an example of a company following which orientation concept?

production concept

You visit a new town in the summer and see a person dressed as a duck juggling plastic ice cream cones on the street. This piques your curiosity. You walk toward the duck person and see she is advertising the Mallard ice cream shop. You decide to go in and see what kind of flavors a shop named Mallard would offer. This is an example of a marketing strategy that:

uses branding, advertising and marketing effectiviely

The Zoom Slingshot Company's marketing department conducts a customer satisfaction survey. It discovers that one of its slingshot lines frequently breaks, causing customer dissatisfaction. The product is retooled to be stronger and customers are now happy. This is an example of marketing creating:

value for customers

After looking through the Container Store catalogue you discover the perfect components you didn't know you needed to make your small living room closet more useful for you. Marketing just highlighted a benefit for:

you the consumer

You are looking for a solution to organize your small closet. After visiting the IKEA website you discover the perfect components to make your closet more useful. Marketing just highlighted a benefit for:

you the consumer

the product

a physical good, a service, experience or idea designed to fill the customer's want or need

identify

a want or need that you can address, as well as the prospective customers who possess this want or need

A banner ad appears on your favorite website. It is displaying a car you have thought of test driving soon. This banner is an example of what marketing tool?

advertising

The paid announcement in various media forms calling public attention to a need, product, service, or company for the purpose of selling something is the description of which marketing tool?

advertising

Through a variety of movies, lectures, and magazine articles, Nick has become more aware of environmental problems. It is time for him to purchase a new car. With the environmental impacts in mind, Nick looks at the various cars available and decides to purchase a hybrid car from Toyota since they communicated the best value to him. This is an example of how marketing can:

affect decisions Nick makes in daily life

Jose needs a new mountain bike since his old one was run over by the garbage truck. He has seen the Trek bike company sponsoring races and seen its logos worn by top riders, so he decides to purchase a Trek bike. Jose was influenced by which marketing tool?

branding

Marketing with Organizations

build and sustain productive relationships with the people and groups they serve.

The local professional soccer team stadium displays an advertisement for Domino's pizza at halftime. What type of marketing it this?

business to consumer

marketing vs advertising

Advertising uses paid notices in different forms of media to draw public attention to a company, product, or message, usually for the purpose of selling products or services

Marketing with society

Because marketing is grounded in commercial, profit-seeking behaviors, some would argue that society is a net loser rather than a net winner when it comes to marketing influence create the conditions for healthy competition and market efficiency, where companies and consumers communicate and exchange mutual value.

branding vs marketing

Branding is the process of "creating a unique name and image for a product in the consumer's mind

whole picture

Continuously collect information about customers' needs and competitors' capabilities; Share the information across departments; and Use the information to create a competitive advantage by increasing value for customers.

Stage 3: Sustain a Committed Relationship

Convert contacts into loyal repeat customers, rather than one-time customers Anticipate and respond to evolving needs Deepen relationships, expand reach of and reliance on what you offer

Stage 1: Meeting and Getting Acquainted

Find desirable target customers, including those likely to deliver a high customer lifetime value Understand what these customers want Build awareness and demand for what you offer Capture new business

Stage 2: Providing a Satisfying Experience

Measure and improve customer satisfaction Track how customers' needs and wants evolve Develop customer confidence, trust, and goodwill Demonstrate and communicate competitive advantage Monitor and counter competitive forces

product concept

Rather than focusing on a deep understanding of customer needs, these companies assume that a technically superior or less expensive product will sell itself

sales vs marketing

Sales refers to the process of actually selling products or services, leading up to the point where the exchange of value takes place

sales concept

These businesses emphasize the sales process and try to make it as effective as possible.

marketing concept

These organizations start with the customers' needs and work backward from there to create value, rather than starting with some other factor like production capacity or an innovative invention.

the customer

a person or organization with a want or need who is willing to give money or some other personal resource to address this need

A national TV company that owns several affiliate stations is taking a Saturday in January and having its stations broadcast a fundraising marathon to raise awareness and collect donations for the Multiple Sclerosis Society. This is an example of marketing providing what benefit for society?

highlighting an area in society that is in need of a raised awareness

role of marketing

identify, satisfy, and retain customers

consumer

individual using product

customer

individual who buys the product from the business

A company operates from the point of view that in order to be successful, it must deeply understand its customer's expectations and needs. Which concept best describes this view?

marketing concept

A company's strategy stems from the ideology that "the customer is king," and the company tries to understand its customer as much as possible. Which concept is the company using to drive its success?

marketing concept

for profit marketing

measure success in terms of profitability and their ability to pay dividends or pay back loan

Adelle, your coworker, wants to find a product that helps her plan and record her year as well as tying in her overall goals with yearly goals. You happen to see a social media post about a new planner called the Passion Planner that meets all of Adelle's criteria. You tell Adelle and both of you place an order. You have just experienced how marketing can:

move you to find solutions to problems

production concept

organizations that are striving for low-production costs, highly efficient processes, and mass distribution (which enables them to deliver low-cost goods at the best price)

Easy Walk, a pet leash company, doesn't conduct customer surveys. If it had it would discover that one of its main leash lines frequently snags and breaks, and customers are dissatisfied. The product defect is not addressed and nothing changes for the customer, so the customer leaves. Because the company did not have good marketing, it failed to

retain customers

Marketing strategy uses customer relationship management to help organizations:

retain their customers

An online software company sends daily spam emails urging you to buy their latest antivirus software. You have declined this email at least ten times, but continue to receive emails. What orientation concept is this company using?

sales concept

If Wanda, a customer of Jiffy Lube, expresses a position or preference about an issue or product, such as the brand of synthetic oil they use, what would happen to Wanda according to marketers?

she becomes more committed to that position or product

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

the provider/seller

the company or organization offering a need-satisfying thing, which may be a product, service, experience or idea

dimensions

the tangible, the intangible, and the price

the transaction

the terms around which both parties agree to trade value-for-value (most often, money for product)

satisfy

these customers by delivering a product or service that addresses these needs at the time customers want it. Key to customer satisfaction is making sure everyone feels they benefit from the exchange.