MKT332 Study Guide 1 - Chapter 1 Utility Want-satisfying...

Info icon This preview shows pages 1–3. Sign up to view the full content.

Chapter 1 Utility - Want-satisfying power of a good or service Marketing - The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Production Orientation - Business philosophy stressing efficiency in producing a quality product, with the attitude toward marketing that “a good product will sell itself” Sales Orientation - Belief that consumers will resist purchasing nonessential goods and services, with the attitude toward marketing that only creative advertising and personal selling can overcome consumers’ resistance and persuade them to buy Consumer Orientation - Business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them Marketing Concept - Companywide consumer orientation with the objective of achieving long- run success Marketing Myopia - Management’s failure to recognize the scope of its business 1.) Mobile Marketing - Marketing messages transmitted via wireless technology 2.) Interactive Marketing - Buyer-seller communications in which the customer controls the amount and type of information received from a marketer through such channels as the Internet and virtual reality kiosks 3.) Social Marketing - The use of online social media as a communications channel for marketing messages 4.) Buzz Marketing - Word-of-mouth messages that bridge the gap between a company and its products Define marketing, explain how it creates utility, and describe its role in the global marketplace. 1.] Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. It creates time, place, form, and ownership utilities, four basic kinds of utility (the want-satisfying power of a good or service). Three factors have forced marketers to embrace a global marketplace: expanded international trade agreements, new technologies that have brought previously isolated nations to the marketplace, and greater interdependence of the world’s economies.
Image of page 1

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

Contrast marketing activities during the four eras in the history of marketing.[Topic: Eras of Marketing] 2.] 1. Production (Prior to 1920’s) - “A good product will sell itself.” 2. Sales (Prior to 1950’s) - “Creative advertising and selling will overcome consumers’ resistance and persuade them to buy.” 3. Marketing (Since 1950’s) - “The consumer rules! Find a need and fill it.” 4. Relationship (Since 1990’s) - “Long-term relationships with customers and other partners lead to success.” - During the production era, businesspeople believed that quality products would sell themselves.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '13
  • Huntley
  • Marketing, quality products, Interactive Marketing, Buzz Marketing

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern