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Midterm

MKT 702 Study Guide - Midterm Guide: Data Warehouse, Uptodate, Lead Generation


Department
Marketing
Course Code
MKT 702
Professor
Margaret Yap
Study Guide
Midterm

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MKT 702 Midterm 1
CH1
Marketing is an organizational function and a set of processes for creating, communicating, and
delivering value to customers, and for managing customer relationships in ways that benefit the
organization and its stakeholders. “AMA definition” Managerial definition
Marketing is about identifying and meeting human and social needs. "Meeting needs profitably
Marketing management is the art and science of choosing target markets and getting, keeping, and
growing customers through creating, delivering, and communicating superior customer value.
Marketing management takes place when at least one party to a potential exchange thinks about the
means of achieving desired responses from other parties.
Marketing Management Tasks
Develop market strategies and plans
Capture marketing insights
Connect with customers
Build strong brands
Shape market offerings
Deliver value
Communicate value
Create long-term growth
Functions of CMOs
Strengthening the brands
Measuring marketing effectiveness
Driving new product development based on customer needs
Gathering meaningful customer insights
Utilizing new marketing technology
New Consumer Capabilities
A substantial increase in buying power
A greater variety of available goods and services
A great amount of information about practically anything
Greater ease in interacting and placing and receiving orders
An ability to compare notes on products and services
An amplified voice to influence public opinion
Many companies have now created a Chief Marketing Officer, or CMO, position to put marketing on a
more equal footing with other C-Ievel executives, such as the Chief Executive Officer (CEO) and Chief
Financial Officer (CFO).
Marketing managers must decide what features to design into a new product, what prices to offer
customers, where to sell products, and how much to spend on advertising, sales, or the Internet. They
must also decide on details such as the exact wording or color for new packaging.
A social definition shows the role marketing plays in society. E.g. one marketer has said that marketing's
role is to "deliver a higher standard of living." Social definition: Marketing is a societal process by which
individuals and groups obtain what they need and want through creating, offering, and freely
exchanging products and services of value with others.

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Managerial definition - Managers sometimes think of marketing as "the art of selling products," but
many people are surprised when they hear that selling is not the most important part of marketing!
Selling is only the tip of the marketing iceberg
Marketing people market 10 types of entities:
Goods, services, events, experiences, persons, places, properties, organizations, information and ideas.
A marketer is someone who seeks a response-attention, a purchase, a vote, a donation-from another
party, called the prospect. If two parties are seeking to sell something to each other, we call them both
marketers.
Production and logistics professionals are responsible for supply management, marketers are
responsible for demand management.
Eight demand states are possible:
1. Negative demand - Consumers dislikes the product and may even pay a price to avoid it.
2. Nonexistent demand - Consumers may be unaware of or uninterested in the product.
3. Latent demand-Consumers may share a strong need that cannot be satisfied by an existing product.
4. Declining demand-Consumers begin to buy the product less frequently or not at all.
5. Irregular demand-Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly
basis.
6. Full demand-Consumers are adequately buying all products put into the marketplace.
7. Overfull demand-More consumers would like to buy the product than can be satisfied.
8. Unwholesome demand-Consumers may be attracted to products that have undesirable social
consequences.
Five types of needs:
1. Stated needs (The customer wants an inexpensive car)
2. Real needs (The customer wants a car whose operating cost, not its initial price, is low.)
3. Unstated needs (The customer expects good service from the dealer)
4. Delight needs (The customer would like the dealer to include an onboard navigation system.)
5. Secret needs (The customer wants friends to see him as a savvy consumer.)
"Market" was a physical place where buyers and sellers gathered to buy and sell goods. Economists
describe a market as a collection of buyers and sellers who transact over a particular product or product
class
The production concept is one of the oldest concepts in business. It holds that consumers will prefer
products that are widely available and inexpensive.
The product concept proposes that consumers favor products that offer the most quality, performance,
or innovative features.
The holistic marketing concept is based on the development, design, and implementation of marketing
programs, processes, and activities that recognizes their breadth and interdependencies.
Relationship marketing aims to build mutually satisfying long-term relationships with key constituents
in order to earn and retain their business.
Four key constituents for relationship marketing are customers, employees, marketing partners
(channels, suppliers, distributors, dealers, agencies), and members of the financial community
(shareholders, investors, analysts).

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A marketing network consists of the company and its supporting stakeholders-customers, employees,
suppliers, distributors, retailers, ad agencies, university scientists, and others-with whom it has built
mutually profitable business relationships. (Unique company asset)
Four dimensions (SIVA) and the corresponding customer questions these are designed to answer are:48
1. Solution: How can I solve my problem?
2. Information: Where can I learn more about it?
3. Value: What is my total sacrifice to get this solution?
4. Access: Where can I find it?
Quiz
1. Many companies have created a _CMO_ position to put marketing on a more equal footing with
other C-level executives.
2. Which of the following is NOT a major decision made by marketing managers?
a. Packaging decisions competitors should make
3. The marketing of Walt Disney's Magic Kingdom is a good example of ________ marketing.
a. Experience
4. What percent of the U.S. economy consists of services (vs. goods)?
a. 70 %
5. ________ are wants for specific products backed by an ability to pay.
a. Demands
6. To reach a target market the marketer uses various marketing channels. Which of the following
choices is NOT one of the channels discussed in the text?
a. internet channel
7. Building mutually satisfying long-term relations with key parties in order to earn and retain their
business is called ________.
a. relationship marketing
8. Which of the following is NOT one of marketing's "four P's"?
a. performance
9. Internal marketing is the task of ________.
a. hiring, training, and motivating able employees who want to serve customers well
10. According to the textbook, the societal marketing concept holds that the organization's task is to
________.
a. deliver the desired satisfactions in a way that preserves or enhances the consumer's and
society's well being
11. Marketing is more "art" than "science."
a. False
12. Marketing deals with identifying and meeting human and social needs.
a. True
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