Marketing 320F Chapter 1

The extent to which a firm fulfills a customers needs, desires and expectations
Customer Satisfaction
Marketing will be _______ to your ____.
important
job
Marketing affects ____ and ______ ____ ____
innovation
standard of living
Marketing encourages ________ and _____-the development and spread of new ______, _____ and ________.
research
innovation
ideas
goods
services
When firms develop products that really satisfy customers, fuller ____ and ____ ____ result
employment
higher incomes
What are the 2 views of marketing
micro
macro
What is the Microview of marketing
set of activities performed by organizations
What is the macroview of marketing
social progress
_____ is the objective of most business firms but other types of members may seek more members-or an acceptance of an idea
Profit
How should we define marketing
Macro/Micro views
applies to profit and non profits
more than just persuading customers
begins with customer needs
does not do it alone
marketing involves exchanges
builds a relationship with the customer
the aim of marketing is to identify customers needs and meet those needs so well the product almost “sells itself”. And should determine what goods/services are to be developed. is what aspect of How should we define marketing
more than just persuading customers
Marketing should begin with potential customer needs- not with the production process. Is what aspect of How Should We Define Marketing
Begins with customer needs
Begins with customer needs: Includes decisions about
product design and packaging
prices or fees
credit and collection policies
transporting and storing policies
advertising and sales policies
Begins with customer needs: And after the sale
installation
customer service
warranty
disposal and recycling policies
Does not do it alone: Marketing-by ______ customers ____- should provide direction for these activities and try to coordinate them
interpreting
needs
Does not do it alone: Should provide direction for _____, accounting and _____ activities-not take over them
production
financial
Marketing involves exchanges: Marketing focuses on ______ _____
facilitating exchanges
Marketing involves exchanges: marketing does not occur unless two or more parties are willing to _____ something for something else
exchange
Marketing involves exchanges: In a ____ ____ ____-when each family unit produces everything it consumers- there is no need to exchange goods/services
pure subsistence economy
Builds a relationship with the customer: When marketing helps everyone in a firm really meet the needs of a customer before and after a purchase, the firm doesn’t just get a single sale. Rather it has a sale and an ______ ____ with the customer
ongoing relationship
Macro-Marketing is a _____ _____ that directs an _____ flow of goods and services from ____ to _____ in a way that effectively matches supply and demand and accomplishes the _____ ____ _____
social process
economy’s
producers consumers
objectives of society
Macro Marketing:6 Aspects
Emphasis is on whole system
Seperation between producers and consumers
Marketing functions help narrow the gap
Producers/consumers/ and marketing specialists perform functions
new specialists develop to fill market needs
functions can be shifted and shared
Emphasis is on whole system: Emphasis of macro-marketing is on how the whole _______ system works. An effective macro-marketing system delivers ____ and ______ that consumers want and need
marketing
goods/services
Emphasis is on whole system:The role of a macro-marketing system is to effectively match this heterogeneous _____ and ____ and at the same time accomplish _____ ______
supply and demand
society’s objectives
Producers prefer to produce and sell in large quantities. Consumers prefer to buy and consume in small quantities
Discrepancies of Quantity
:producers specialize in producing a narrow assortment of goods and services. Consumers need a broad assortment
Discrepancies in Assortment
Producers tend to locate where it is economical to produce, while consumers are located in many scattered locations
Spatial Separation
Consumers may not want to consume goods and services at the time producers would prefer to produce them, and time may be required to transport goods from producer to consumer
Separation in Time
Producers do not know who needs what, where, when and at what price. Consumers do not know what is available from whom, where, when and at what price
separation of information
producers value goods and services in terms of costs and competitive prices. Consumers value them in terms of economic utility and ability to pay
separation in values
producers hold title of goods and services that they themselves do not want to consume. Consumers want goods and services that they do not own.
Separation of Ownership
Heterogeneous demand for form, task, time, place, and possession utility to satisfy needs and wants
consumption sector
Specialization and division of labor result in hetero. supply capabilities
production sector
Separation between producers and consumers: As a company produces larger numbers of a particular product, the cost of each unit of the product goes down-definition of what?
economies of scale
Discrepancies of ________ and discrepancies of ________ further complicate exchange between _____ and consumers
quantity
assortment
Marketing functions help to narrow the gap: The purpose of macro-marketing is to overcome these separations and ______. The “universal functions of marketing” help do this
discrepancies
Universal functions of marketing
buying
selling
transporting
storing
standardization and grading
financing
risk taking
market information
Universal functions of marketing: The _____ _____ means looking for and evaluating ____ and _____
buying function
goods
services
The ____ function ivolves promoting the product. it includes the use of personal selling, advertising, customer service and other direct and mass selling methods
selling
the _____ function means the movement of goods from one place to another
transporting
the _____ function involves holding goods until customers need them
storing
involves sorting products according to size and quality. This makes buying and selling easier because it reduces the need for inspection and sampling
standardization and grading
Provides the necessary cash and credit to produce, transport, store, promote, sell and buy products
financing
involves bearing the uncertainties that are part of the marketing process
risk taking
involves the collection, analysis and distribution of all the information needed to plan, carry out and control marketing activities
market information
A ______ is someone who specializes in trade rather than production-plays a role in the exchange process. Also can help make the whole macro-marketing process system more efficient and effective
Intermediarie
Firms that facilitate or provide one or more of the marketing functions other than buying or selling
collaborators
A _______ ________ means trying to carry out the marketing concept. Instead of just trying to get customers to buy what the firm has produced, a _____ ____ firm tries to offer customers what they _______.
marketing orientation
marketing oriented
need