Marketing test 1

Marketing test 1 - Chapter 1 • Macro marketing—A social...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Chapter 1 • Macro marketing—A social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society • Universal functions of marketing (macro-marketing): Buying function, selling function, transporting function, storing function, standardization and grading, financing, risk taking, information, centralized exchange system • Principles of The Marketing concept: o Take the customer’s point of view o Customer value o Target customers o Integrated marketing o Build relationships w/ customer value o Profitable sales • The Value concept: o Traditional definition: Value = Quality / Price o Modern Definition: Value = (Quality + convenience + service + experience + innovation)/ price • New Product Development process: Screening, idea evaluation, development, comercialization • Each producer specializes in producing and selling large amounts of narrow assortment of goods and services, but each consumer wants only small quantities of a wide assortment of goods and services • The purpose of macro-marketing system is to overcome these separations and discrepancies. • Universal functions of marketing are buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information. Must be performed in macro-marketing system. • Two kinds of economic systems: command and market-directed economies • Every economy is a mixture of the two • Command economy—government officials decide what and how much is to be produced and distributed by whom, when, to whom and why. • Market-directed economy—the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy. • 5 stages in marketing evolution: o 1) Simple trade era—families traded or sold their “surplus” output to local middlemen (didn’t change much until Industrial Revolution a little over 100 years ago) o 2) The production era- (industrial revolution to 1920s) a time when company focuses on production of a few specific products—perhaps because few of these products are available in the market. “if we can make it, it will sell” o 3) The sales era—(1930-1950s)a time when a company emphasizes selling because of increased competition o 4) Marketing department era—(1950-1960)a time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm’s activities o 5) Marketing company era—time when, in addition to short-run marketing planning, marketing people develop long-range plans—sometimes 5 or more years ahead—and the whole company effort is guided by the marketing concept • Some managers have not made it to the final stages • subsistence economy—each family raised and consumed everything it produced • Marketing concept—means that an organization aims ALL its efforts at satisfying its customers—...
View Full Document

This note was uploaded on 04/27/2008 for the course MKT 320 taught by Professor Miller during the Fall '08 term at University of Texas.

Page1 / 6

Marketing test 1 - Chapter 1 • Macro marketing—A social...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online