marketing chapter 1 test

marketing definition
is the creation and maintenance of satisfying exchange relationships
Business directly involved with marketing:
Advertising agencies
Telemarketers
Travel agencies
Businesses with major marketing activities:
Retailers
Manufactures
Banks
Businesses with limited marketing role
Law offices
Medical centers
Accounting firms
9 Marketing functions
Marketing planning
product/ service management
Distribution/ place
Pricing
Promotion
Selling
Marketing-information management
Financing
Risk management
4 p’s
product/ service management
Distribution/ place
Pricing
Promotion
needs for marketing
to promote a product
show how to buy product
self-sufficient
you do not rely on other for the things you need to survive
bartering
trading
Specialization of labor-
concentrating on one thing or a few related activities so that they can be done well
Money systems
established the use of currency as a recognized medium of exchange
Central markets
a location where people bring products to be conveniently exchanged
Other marketing activities
business formed to purchase products from producers and hold them for sale to purchasers as needed
functions of a business
production, operations, accounting and financing, managment and administration,coordination of business functions
early marketing
Early 1900s business were mostly concerned about producing products that the business believed customers could afford and would purchase
Businesses concentrated on production and seldom had to worry about marketing
The primary challenge to the sale of more products was able to deliver them to a large number of customers
changing approach to marketing
Production emphasis
Sales emphasis
Marketig department emphasis
production era
1900-1920
Emphasis on producing and distributing new products
sales era
1930-1940
Emphasis on using advertising and salespeople to convince customers to buy a costumers to buy a company’s products
marketing department era
1950’s-1960’s
Emphasis On developing many new marketing activities to sell products
marketing concept era
1970-now
Emphasis on satisfying customers needs with carefully developed marketing mix
the marketing concept
Satisfying customer needs
The consequences of not satisfying consumers needs
No gonna buy again
Go on social media
Return product
elements of marketing concept
Identify need of costumer
Develop and market products or services
Operate a business and profitably
how do you implement the market concept
Identify the market (step 1)
Develop a marketing mix (step 2)- blending of 4 marketing element to product a profitable business (4 p’s)
Employee empowerment
An approach to customer service that gives employees the authority to solve many customer problems
Relationship marketing
Focuses on developing loyal customers who continue to purchase from the business for a long period of time
People buy from people/business they trust
Retaining customers so they continue to purchase from you can increase profits by 20-50 %