Marketing 3001 (UMN)

Marketing
The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at larger
To serve both buyers and sellers, marketing seeks
1. To discover the needs and wants of prospective customers and to 2. satisfy them
Exchange
The trade of things of value between a buyer and seller so that each is better off after the trade
Environmental Forces
Social, Economic, Technological, Competitive, and regulatory considerations shape marketing activities.
Four Factors of Marketing Activity
1. Two or more parties (individuals or organizations) with unsatisfied needs 2. A desire and ability on their part to be satisfied. 3. A way for the parties to communicate. 4. Something to exchange
Robert M. McMath’s Suggestions
1.Focus on what the customer benefit is, 2.and learn from the past
Need
Occurs when a person feels deprived of basic necessities such as food, clothing, and shelter
Want
is a need that is shaped by a person’s knowledge, culture, and personality
Market
People with both the desire and the ability to buy a specific offering
Target Market
One or more specifi groups of potential consumers toward which an organization directs its marketing program
The Four Ps
Product, Price, Promotion, Place
Product
A good, service, or idea to satisfy the conusmer’s needs
Price
What is exchanged for the product
Promotion
A means of communicating between the seller and buyer
Place
A means of getting the product to the consumer
Marketing Mix
The controllable factors, 4Ps, that the marketing manager can use to solve a marketing problem
Customer Value Proposition
A cluster of benefits that an organization promises customers to satisfy their needs
Environmental Forces
The uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision
Customer Value
The unique combination of benefits recieved by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after sale service at a specific price
3 Value Strategies
Best price, best product, or best service (CAN’t be all!)
Relationship marketing
Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.
Marketing Program
A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
Production Era
Consumers were desperate for products and were willing to accept virtually any goods that were available and make do with them
Sales era
1920’s-1960’s Manufactures found they could produce more goods than buyers could sonsume, competition grew, and firms hired salespeople to find new buyers
Marketing concept
Idea that an organization should stive to satisfy the needs of consumers 2. while also trying to achieve the organizations goals.
Market Orientation
Focusing organizational efforts to collect and use information about customers’ needs to create customer value
Customer relationship era
Which firms seek continuously to satisfy the the high expectations of customers
Customer relationship management
The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace
Customer experience
The internal response that customers have to all aspects of an organization and its offering
Societal Marketing concept
The view that an organization should discover and satisfy the needs of consumers in a way that also provides for society’s well being
Product
A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumer needs and is received in exchange for money or something else of value
Ultimate consumers
Are people whether 80 or eight months old who use the products and services purchased for a household.
Organizational buyers
are those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale
Who benefits from marketing
Conusmers who buy, organizations that sell, and society as a whole
Utility
The benefits or customer value recieved by users of the product
Four utilities
Form, place, time, and possession
Form utility
The production of the product or service
Place utility
Having the offering available where consumers need it
Time utility
Having it available when needed
Possession utility
Is the value of making an item easy to purchase through the provision of credit cards or financial arrangements