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Midterm Review BU352.docx

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Dave Ashberry

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What is Marketing What is Marketing Marketinga set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationshipsGood marketing is not a random activity it requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on consumers and society in generalMarketers responsibilityMarketers must address the ethical implications of their actions on society in general Core 1 Marketing is About Satisfying Customer Needs and Wants Needa person feeling physiologically deprived of basic necessities such as food clothing shelterWantthe particular way in which a person chooses to satisfy a need which is shaped by a persons knowledge culture and personalityTarget marketthe customer segment or group to whom the firm is interested in selling its products and servicesEx Crest provides a wide variety of dental care products to deliver the desired benefitsCore 2 Marketing Entails Value Exchange Exchangethe trade of things of value between the buyer and the seller so that each is better off as a result Can be an exchange of information for convenience Ex When you purchase a new Justin Bieber CD you are engaging in a marketing exchange You get the song and the exchange partners get money and information about you Core 3 Marketing Requires Product Price Place and Promotion Decisions Marketing mix four PsProduct price place and promotionthe controllable set of activities that a firm uses to respond to the wants of its target markets A companys marketing activities are shaped by factors that are both internal to the firm and external to the firmExternal forces such as cultural demographic social technological economic and political and legal changes shape a companys marketing activities Product Creating Value The fundamental purpose of marketing is to create value for both the firm and customerGoodsitems that can be physically touched Servicesintangible customer benefits that are produced by people or machinesIdeasinclude thoughts opinions philosophies and intellectual concepts Price Transacting Value Price is everything the buyer gives up in exchange for the productmoney time energyPlace Delivering Value All activities necessary to get the product to the right customer when that customer wants itSupply chain managementthe field that examines these activitiesEx Home DepotYou cant sell it if its not on the shelfPromotion Communicating Value The communication activities of marketingUsed to inform persuade influence and remind potential buyersEx Advertising personal selling coupons Core 4 Marketing can be Performed by Both Individuals and Organizations B2BWholesaling is often only business to businessB2CAll retailing is business to consumer sellingC2Cswap meets Ebay yard sales etc Social media is quickly becoming an integral part of marketing and communication strategies Core 5 Marketing Occurs in Many Settings Both profit and nonprofit entities Ex Hospitals theatres charities museums etc Marketing can jumpstart the economies of less developed countries by putting buyers and sellers together to create a new marketMarketing is often designed to benefit an entire industry which can help many firms simultaneouslyCore 6 Marketing Helps Create Value thThe productionoriented era took place around the turn of the 20 century when most firms believed a good product would sell itselfIn the salesoriented era production and distribution techniques improved and supply outpaced demand Firms found an answer to overproduction by focusing on salesIn the marketoriented era the focus was on what customers wantedNow we are in the valuebased era which maintains the market orientation but also includes a focus on giving greater value than the competitionFirms must offer customers something in excess of that being offered by the competitorsFirms must understand how each aspect of their productservice creates value for customersDifferent customers value different things and its not always necessarily different customers What is ValueBased Marketing Valuebased marketingfocuses on providing customers with benefits that far exceed the cost money time effort of acquiring and using a product or service while providing a reasonable return to the firmThe ability to collect store and classify customer data has been a primary contributor to the growth of valuebased marketingHow Firms Become Value Driven Sharing informationBalancing benefits and costunderstand key benefits as perceived by customersBuilding relationships with customerstake a long term view of customer relationships Customer Relationship Management CRMa business philosophy and set of strategies programs and systems that focus on identifying and building loyalty among the firms most valued customers Why is Marketing Important Marketing expands firms global presenceMarketing is pervasive across the organizationthe marketing department works seamlessly with other functional areas of the company to design promote price and distribute productsMarketing is pervasive across the supply chaineach step in the supply chain involves marketing Marketing enriches societycharities Marketing makes life easierprovides us with product and service choices and information about these choicesMarketing provides career opportunitiescreative side artists analytical side market researchers Marketing can be entrepreneurialthough important to large firms marketing is equally important to the success of small venturesespecially new ventures
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