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