Midterm Prep - 1 MARKETING-Definitions(1 a social and...

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1. MARKETING -Definitions (1) a social and managerial process by which individuals and groups obtain what they need and want through creating , offering, and exchanging products of value with others (2) the process of planning and executing the conception, pricing, promotion, and distribution of good, services, and ideas to create exchanges that satisfy individual and organizational objectives (3) the performance of activities that seek to accomplish an organization’s objective by anticipating customer needs and directing the flow of need-satisfying goods and services from producer to customer/client - Key Ideas - it is a strategic and ongoing process that facilitates exchanges between buyers and sellers and focuses on the customers’ needs. - you must identify, anticipate, and satisfy these needs - You measure marketing’s success by its ability to create long-term profits - the most successful organizations adopt their marketing strategy as a philosophy of how they will conduct business - its domain consists of consumers and organizations, along with products, services, and ideas - a marketer’s task is to create utility through the four different kinds. (1) form (2) time (3) place (4) possession 2. ORIENTATIONS OF FIRMS - Production orientation suggests that products create their own demand. In other words, if it’s made, someone will buy it -Advantages it is highly efficient/economies of scare -Disadvantages is relatively unresponsive to customer needs - Product Orientation focuses on delivering superior products. “If you buy a better mousetrap, the world will beat a path to your door.” - Advantages high sales, firm reputation, short-term profits - Disadvantages improve the product for the product’s sake, rather than for the sake of the customer - Sales Orientation trying to convince the customer to buy your product -Advantages what could be wrong with having top notch sales and promotional capabilities? -Disadvantages signals competition and lessens profits -Marketing Orientation is everyone’s responsibility. The focus of the process is on meeting and exceeding customer expectations, and is critical is buyers markets - Principle Underpinnings (1) Customer Orientation focus on customer needs (2) Market Focus focus on the external market environments (3) Interfunctional Coordination is EVERYBODY’S job (4) Long-term Profitability 3. BUYERS VS. SELLERS MARKETS -a Sellers’ market is when Demand > Supply
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-a Buyers’ market is when Demand < Supply 4. MARKETING MYOPIA -is marketing “short-sightedness” when management fails to realize the full scope of its business -creates an orientation geared towards products instead of customer need/satisfaction 5. MARKETING ORIENTATION (UNDERPINNINGS) (1) Customer Orientation (2) Market Focus (3) Interfunctional Coordination (4) Long-term Profitability 6. RELATIONSHIP VS. TRANSACTION-BASED MARKETING -Relationship Marketing is the development and maintenance of long-term, cost-
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