MKT304-CH1

The modern view of marketing stresses what needs?
Customer needs FIRST
Macro-Marketing
Social Process. directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand & accomplishes the objectives of a society.
Marketing Definition
Performance of activities that seek to accomplish an organizations goals by anticipating customer needs and directing a flow of goods and services to satisfy them.
Intermediaries and Collaborators
can include things like advertising agencies, marketing research firms, independent product-testing labs, internet service providers, public warehouses, transporting firms & financial institutions. RMB, INTERMEDIARIES facilitate Buying and Selling, COLLABORATORS facilitate all else, including marketing
Pure Subsistence Economy
Each family unit produces everything it needs, no needs for exchange
Command Economy
Government decides on production and distribution of goods/services. OPPOSITE of Market-driven
3 basic ideas of Marketing Concept
Customer Satisfaction, Total Company Effort, Profit (not just sales) as an objective
Triple Bottom Line
Measures of an organizations Economic, Social, and Environmental Outcomes.
5 Eras of Marketing Evolution
These five eras in their logical order are 1.) the Simple Trade era; 2.) the Production era; 3.) the Sales era; 4.) the Marketing Department era; 5.) the Marketing Company era.
Define Customer Value
Diff between the benefits a customers sees in a market offering VS the cost of obtaining those benefits
Define Customer Satisfaction
Extent that firm fulfills a customers needs, desires, and expectations
Simple Trade Era
Families sold surplus to local distributors
Production Era
Increase the supply of a few, non-varied products
Sales Era
Increase sales to destroy competitors
Marketing Department Era
One dept within firm, focused on short-run policy planning to integrate into firms activities. Coordinate and control
Marketing Company Era
Customer satisfaction. Add in Long Term planning (5+ years), Whole company is guided in marketing endeavor
Universal Functions of Marketing
Buying, Selling, Transporting, Storing, Standardization and Grading, Financing, Risk Taking, and Market Information. They help to narrow gap between PRODUCERS and CONSUMERS
Selling Function of marketing (1 of the universal functions)
Promotion, advertising, customer service, MOST VISIBLE function
Adoption of the Marketing Concept
First used by consumer product companies, services industry catching up
Marketings 3 roles in facilitating production and consumption
How to overcome:
1) Discrepancies of assortment – stocking varieties of product

2) Spacial separation – purchasing from around the world

3) Separation of values – satisfying needs at diff prices