MKTG 310 KU

Innovation
The development and spread of new ideas, goods and services
Marketing
The performance of activities that seek to accomplish accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from produce to customer or client.
Marketing does not occur unless
two or more parties are willing to exchange something for something else.
Pure Subsistence Economy
when each family unit produces everything it consumes.
Economies of Scale
As a company produces larger numbers of a particular product, the cost of each unit product goes down.
Universal functions of marketing
buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information.
Buying function
looking for and evaluating goods and services.
Selling function
promoting the product.
Transporting function
movement of goods from one place to another.
Storing function
holding goods until customers need them.
Standardization and grading
involves sorting products according to size and quality.
Financing
provides the neccessary cash and credit to produce, transport, store, promote, sell and buy products.
Risk Taking
involves bearing the uncertainties that are part of the marketing process.
Market Information Function
involves the collection, analysis and distribution of all the information needed to plan, carry out and control marketing activities, whether in the firms own neighborhood or in a market overseas.
Intermediary
someone who specializes in trader rather than production. Ex. Retailers and wholesalers.
Collaborators
firms that facilitate or provide one or more of the marketing functions other than buying or selling.
E-commerce
Exchanges between individuals or organizations and activies that facilitate these changes based on applications and information technology. Ex. Amazon & Ebay
Economic System
the way an economy organizers to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society.
Command Economy
government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why. “planned economy”
Market-directed economy
The individual decisions of the many produces and consumers make the macro-level decisions for the whole economy.
-Price is a measure of value
– Greatest freedom of choice
– The role of government (interest rates and supply of money)
-Public interest groups and consumers spread the word
Simple trade era
a time when families traded or sold their “surplus” output to local distributors.
Production era
time when a company focuses on production of a few specific products perhaps because few of these products are available in the market.
Sales era
time when a company emphasizes selling because of increased competition.
Marketing department era
a time when all marketing activies are brought under the control of one department to improve short-run policy planning and to try to integrate the firms activities.
Marketing company era
a time when, in addition to short-run marketing planning, marketing people develop long-range plans — sometimes five or more years ahead — and the whole company effort is guided by the marketing concept.
Marketing Concept
means that an organization aims all of its efforts at satisfying its customers — at a profit.
Production Orientation
making whatever products are easy to produce and then trying to sell them.
Marketing orientation
means trying to carry out the marketing concept. Instead of just trying to get customers to byt what the firm has produced, a marketing-oriented firm tries to offer customers what they need.
1. customers satisfaction
2. a total company effort
3. profit – not just sales – as an objective.
Triple bottom line
measures and organization economic, social, and environmental outcomes as a measure of long-term success. Profit is the economic outcome. Social refers to activities that affect its employees and other people in the community when it operates.