Marketing (ch11 intro to business)

Form Utility
Converting inputs to a finished form (natural resources to product)
Time Utility
Providing convenience (one hour dry cleaners)
Place Utility
Convenient place (ATMs)
Ownership Utility
Hassle free purchase process (online)
Marketing
Organizational function and a set of processes for:
-Creating, communicating, and delivering value to customers.

-Managing customer relationships in ways that benefit the organization and its stakeholders.

The Marketing Concept
to deliver unmatched value to customers is the only way to achieve long term profitability for the organization
Production Era
when products are in the production stage
Marketing Era
providing goods and services that meet customers needs
Relationship Era
long term customer relations
Selling Era
supply exceeded demand
Value
a product has a better relationship between and cost and the benefits of that particular product than products of competitors
Over-Promising vs Under-Promising
how you set expectations of consumers
Benefits of Customer Loyalty
page 174
Marketing Plan
a formal plan on who your target market is and how you plan to reach them
Target Market
a customer group you focus your advertising on.
Demographics
a starting point for marketers
B2C Marketing Segmentations
behavior based
Marketing Segmentation
pp slide 13
Business Market Segmentation
pp slide 14
Marketing Mix
product, price, promotion, and place
Global Marketing Mix
marketing in foreign conries which alters the goods or services to meet the taste/needs of local customers
Environmental Scanning
continually collecting information from the external marketing environment
External Marketing Environment
pp slide 18
Consumer Behavior
how people act when buying goods and services
Cognitive Dissonance
feeling you paid too much for an item
Marketing Research
the process of gathering, interpreting, and applying information
Primary Data vs. Secondary Data
pp slide 25
Observation Research vs. Survey Research
pp slide 26
Social Responsibility
marketers actively contribute to the needs of the broader community
Green Marketing
actively promote the ecological benefits of their products
Mass Customization
creating products tailored for individuals on a mass basis