midterm review

midterm review - INTRODUCTION WHAT IS MARKETING? o...

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INTRODUCTION WHAT IS MARKETING? o Marketing is the process of maximizing company profits (short term and long term) through creation of superior value for customers relative to competition. o Marketing is 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. WHAT MARKING IS NOT… o Marketing is not advertising, promotion, economics, consumer psychology or pricing AREAS IN BUSINESS ADMINISTRATION o Operations Management Era o Management/Organizational Behavior Era o Accounting Era o Marketing Era o Finance Era o Management Information System Era o Integration Era HISTORICAL VS. MODERN PERSPECTIVES o Historical Perspective In well-ordered states, storekeepers and salesmen are commonly those who are weakest in bodily strength and, therefore, of little use for any other purpose. --Plato o Modern Perspective Corporate leaders nationwide are discovering that their most powerful competitive weapon is marketing -- the development, pricing, distribution, and promotion of products. --Nesweek NEEDS, WANTS AND DEMANDS o Needs are a state of felt deprivation o Wants are needs shaped by culture and individual personality o Demands are wants backed by buying power PRODUCTS (GOODS AND SERVICES)
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o Products are anything that can be offered to a market for attention, acquisition, use or consumption and that might satisfy a need or want o Services are activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything CONSUMER VALUE, CONSUMER SATISFACTION o Consumer value is the benefit that the customer gains from using a product compared to the cost of obtaining a product o Consumer satisfaction is the difference between a product’s perceived performance compared to a buyer’s expectations EXCHANGE, TRANSACTION, RELATIONSHIP o Exchange is the act of obtaining a desired object from someone by offering something in return o Transaction is a trade between two parties that involves at least two things of value, agreed upon conditions, a time of agreement, and place of agreement PRODUCTION ORIENTATION VS. MARKET ORIENTATION o Production Orientation Revolves around production, or the product. The product comes before the customer in terms of the firm’s priorities. o Market Orientation Revolves around the customer. Production is a cog in the wheel in the process of bringing value to the customer. MARKETING PROCESS o Analyzing Marketing Opportunities Identify and evaluate marketing opportunities Depends on the “3 C’s” Company Competitors Customers Help firm plan how to capitalize on opportunities o Selecting Target Markets
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The segmentation process divides the total market into market segments Target marketing chooses which segment(s) are pursued Market positioning for the product is then
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midterm review - INTRODUCTION WHAT IS MARKETING? o...

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