Marketing Exam 1 Chapter 1

marketing
the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
marketing plan
a written document composed of an analysis of the current marketing situation, opportunities, and threats for the firm, marketing objectives and strategy specified in terms of the four P’s, action programs, and projected or pro forma income (and other financial) statements.
1. how the product or service will be conceived or designed
2. how much it should cost
3. where and how it will be promoted
4. how it will get to the consumer
components of marketing:
1.
2.
3.
4.
1. product (ex. clemson football tickets)
2. price (ex. camping out for tickets)
3. place (ex. death valley)
4. promotion (ex. promo vids)
marketing mix (4 P’s)
1.
2.
3.
4.
goods
items that can be physically touched
services
any intangible offering that involves a deed, performance, or effort that cannot be physically possessed; intangible customer benefits that are produced by people or machines and cannot be separated from the producer
ideas
intellectual concepts – thoughts, opinions, and philosophies
B2C (business-to-consumer)
the process in which businesses sell to consumers
B2B (business-to-business)
the process of selling merchandise or services from one business to another
C2C (consumer-to-consumer)
the process in which consumers sell to other consumers
value
reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives
cocreation
customers act as collaborators with a manufacturer or retailer to create the product or service (ex. designing nike shoes)
relational orientation
a method of building a relationship with customers based on the philosophy that buyers and seller should develop a long-term relationship
customer relationship management (CRM)
a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers
supply chain
the group of firms that make and deliver a given set of goods or services
marketing channel
the set of institutions that transfer the ownership of and move goods from the point of production to the point of consumption; consists of all the institutions and marketing activities in the marketing process
entrepreneurs
a person who organizes, operates, and assumes the risk of a new business venture
exchange
the trade of things of value between the buyer and the seller so that each is better off as a result
marketing mix
product, price, place, and promotion – the controllable set of activities that a firm uses to respond to the wants of its target markets
1. visual – you see the product
2. audible – talking about the product
3. use – using the product
types of placement:
1.
2.
3.
integrated – “part of the story line”
what is the most effective type of placement?
watches given to the entire crew on a movie set
example of placement
repeated exposure to a brand increases liking for the brand
theoretical framework
catalyst for product placement
example: channel surfing, flipping, DVR’s
fragmented media
cable and satellite channels, internet, netflix
economical
production costs for commercials for exceed placements
permanence
a placement is forever, including the DVD release
“take me out to the ball game”
oldest example of product placement
grand central station
Apple example of marketing
create value
fundamental of marketing
monograms, faces on m&m, purple and orange m&m, nike shoes
examples of cocreation
value = benefits received – (cost + hassle)
personal value equation
the marketing concept
– philosophy underlying everything marketers do
– seek to satisfy customer needs and wants
1. production era
2. sales era
3. market era
4. value based marketing
history of marketing’s role
1.
2.
3.
4.
– sale what you can make
– henry ford: you can have it any color, as long as it’s black
production era
– example?
– WWII
– sales person door-to-door
sales era
– examples?
customer
market era
– what is key?
– earn trust
– products that preform
– cocreation
value based marketing
– three important aspects?
1. for-profit companies
2. nonprofit organizations
3. individuals
who engages in marketing?
1.
2.
3.