MK 201 Ch. 1

Marketing
activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, organization, stakeholders, and society at large
discover needs and wants of customers and to satisfy them
To serve both buyers and sellers, marketing seeks to do what?
Exchange
the trade of things of value between a buyer and seller
The Organization
Whose mission and objectives determine what business it is in and what goals it seeks?
Management
Who is responsible for establishing the organization’s goals?
Marketing Department
Who works closely with other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper?
two or more parties with unsatisfied needs, desire and ability on their part to have their needs satisfied, a way for the parties to communicate, and something to exchange
4 factors required for marketing to occur
focus on what the customer benefit is, and learn from past mistakes
2 suggestions for new-product launches
Need
occurs when a person feels deprived of basic necessities
Want
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 specific groups of potential customers toward which an organization directs its marketing program
product, price, promotion, place
4 P’s
Product
good, service, or idea to satisfy the consumer’s needs
Price
what is exchanged for the product
Promotion
a means of communication between the seller and buyer
Place
a means of getting the product to the customer
Marketing Mix
four elements that can be used by the marketing manager 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
buyers’ benefits, including quality, convenience, on-time delivery, and before and after-sale service at a specific price
Relationship Marketing
linking 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
Market Segments
relatively homogeneous groups of prospective buyers that have common needs and will respond similarly to a marketing action
Marketing Concept
the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals
Market Orientation
focusing organizational efforts to collect and use information about customers’ needs to create customer value
Customer Relationship Management (CRM)
the process of identifying prospective buyers, understanding intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace
Customer Experience
internal response that customers have to all aspects of an organization and its offering
Societal Marketing Concept
the view that organizations should discover and satisfy the needs of consumers in a way that also provides for society’s well-being
Ultimate Consumers
people who use the products and services purchased for a household
Organizational Buyers
manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale
Utility
the benefits or customer value received by users of the product
discovering, satisfying
Marketing focuses on _____ and _____ consumer needs
Target Market
An organization can’t satisfy the needs of all consumers, so it must focus on one or more subgroups, which are its _____