MktFund: Ch 1 What is Marketing?

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."

production oriented

A belief that the way to compete is a function of product innovation and reducing production costs, as good products appropriately priced sell themselves.

marketing plan

A document that is designed to communicate the marketing strategy for an offering.

societal marketing

A marketing orientation that states a company's marketing efforts should be aimed at improving the well-being of society and the world in general.

production era

A period beginning with the Industrial Revolution and concluding in the 1920s in which production-orientation thinking dominated the way in which firms competed.

selling era

A period running from the 1920s to until after World War II in which the selling orientation dominated the way firms competed.

product orientation

A philosophy that focuses on competing through product innovation.

selling oriented

A philosophy that products must be pushed through selling and advertising in order for a firm to compete successfully.

marketing concept

A philosophy underlying all that marketers do, driven by satisfying customer wants and needs.

transformative era

A time in which companies are transformed into new companies because marketing is driving the company to change to meet customer needs more completely, resulting in new product categories and ways of selling.

supply chain

All of the organizations that participate in the production, promotion, and delivery of a product or service from the producer to the end consumer.

marketing era

From 1950 to at least 1990 (see service-dominant logic era, value era, and one-to-one era), the dominant philosophy among businesses is the marketing concept.

value era

From the 1990s to the present, some argue that firms moved into the value era, competing on the basis of value; others contend that the value era is simply an extension of the marketing era and is not a separate era.

one-to-one era

From the 1990s to the present, the idea of competing by building relationships with customers one at a time and seeking to serve each customer's needs individually.

communicating

In marketing, a broad term meaning describing the offering and its value to potential customers, as well as learning from customers.

delivering

In marketing, as in delivering value, a broad term that means getting the product to the consumer and making sure that the user gets the most out of the product and service.

nonprofit marketing

Marketing activities conducted to meet the goals of nonprofit organizations.

social marketing

Marketing conducted in an effort to achieve social change.

marketing mix

The balance of product, price, promotion, and place decisions that makes up a marketing plan.

market oriented

The degree to which a company follows the marketing concept.

offering

The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers.

personal value equation

The net benefit a consumer receives from a product less the price paid for it and the hassle or effort expended to acquire it.

logistics

The physical flow of materials in the supply chain.

exchange

The transaction of value, usually economic, between a buyer and seller.

value

Total sum of benefits received that meet a buyer's needs. See personal value equation.