employees, shareholders, board of directors, suppliers, distributors, creditors, union, government, local communities and customers
how an org directs its marketing activities and allocates its resources to benefit its customers
people in charge for buying products and services for orgs., businesses, and government
using learned information from customer, then integrating the info to the marketing mix to provide a good, service, or idea to potential customers
linking an org to its individual customers, employees, suppliers and other partners for their mutual long-term benefit
three successful ways to deliver customer value
offer best product, offer best price, offer best service
the unique combination of benefits buyers that include convenience, on-time delivery and both before and after sale service, at a specific price.
what has prompted many successful US firms to focus on customer value
an intense level of global competition
what are the uncontrollable environmental forces?
social, economic, technological, competitive, regulatory
one or more specific groups toward which an organization directs its marketing program
the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large
How does marketing serve both the buyer and seller?
it discovers the needs/wants of prospective customer and satisfies them
what is the marketing department of a business responsible for?
facilitating relationships, partnerships and alliance with the org's customer, shareholders, suppliers and other orgs
what is needed for marketing to occur
2 or more parties with unsatisfied needs, the desire and ability to be satisfied, a way for them to communicate and something to exchange
what are Mcmath's 2 key suggestions to prevent the failure of a new consumable product?
focus on the customer's benefit and learn from the past
societal marketing concept
the view that orgs should satisfy the needs of customers in a way that provide for society's well being
What are the 4 stages of manufacturers' history in the US?
production era, sales era, marketing concept era, customer relationship era
from the beginning of US history until the 1920's. goods were scarce and buyers were willing to accept anything the could get their hands on
from the 1920's-1960's. Manufacturers could start making more than buyers could consume. competition grew and firms started hiring salespeople to find new buyers.
marketing concept era
started in the 1950's. the idea that an org should satisfy the needs of consumers while also achieving the org's goals. GE introduced this concept.
customer relationship era
started in the 1980's. firms sought to continuously satisfy the high expectations of customers.
customer relationship management (CRM)
the process of identifying potential customer, understanding them intimately and developing a positive perception of the org so that people will choose them
what does crm require
involvement and commitment of the managers and employees and an application of information, communication and internet technology
non-governmental organization that serves its customers but does not have profit as its goal
an org's long term course of action designed to deliver a unique customer experience while achieving its goals
strategic business unit (SBU)
a unit of an org that markets a set of related offerings to a clearly defined group of customers
what are the different departments of the functional level?
information systems, finance, research and development, marketing, manufacturing, human resources
cross functional teams
teams that are formed to develop marketing programs for new offerings or for improving existing offerings. accountable for achieve a task and set performance goals.
what are the 3 steps of the planning phase of the strategic marketing process?
SWOT, market-product goal setting, marketing program
putting prospective customers into groups that have similar needs and will react similarly to marketing action
what are the 4 market-product strategies?
market penetration, market development, product development, diversification
a told that helps a firm search for growth opportunities from among new and current markets and new and current products
high share of high growth markets that needs extra cash to finance its own growth. when it slows it turns into cash cows
business portfolio analysis
a tool that quantifies performance measures and growth targets to analyze SBU's. a method to set a direction for a firm
skills, technologies and resources, which distinguish it from other orgs and provide customer value
a visual computer display of essential information related to achieving a marketing objective
born between 1965-1976. self-reliant, supportive of racial and ethnic diversity, and better educated. focus of caution, pragmatism and traditionalism.
born between 1977-1994. contemporary culture, optimistic and passionate about environment.
combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences and lifestyles of different races
electric communication in the inventory, exchange, advertisement, distribution and payment of goods and services
what factors drive competition?
entry, bargaining power of buyers and suppliers, existing rivalries, substitution possibilities
what are some forms of barriers to entry?
capital requirements, advertising expenditure, product identity, distribution access, cost to customers who are switching
started in the 1960's. increase influence of customers on the institution. (i.e. demand for environmental demands)
technology's impact on customer value
cost of technology is plummeting so customers focus on quality, services and relationships
1914. supplemented sherman act because it was too value. forbids actions that lessen competition.
1936. unlawful to discriminate in prices charged to different purchasers of the same product from the suppliers.
the copyright law
gives the author of a literary, dramatic, artistic or musical work the exclusive right to print, perform or copy
federal dilution act
1995. cannot use trademark on a noncompeting product. (i.e. "cadillac" brushes)
an arrangement a manufacturer makes with a reseller to handle only its products and not those of competitors. illegal under clayton act.
require a buyer to purchase all or part of its needs for a product from one seller for a time period.
exclusive territorial distributorships
the manufacturer grants a distributor the sole rights to sell a product in a specific geographical area.
a seller requires the purchaser of one product to also buy another item in the line. illegal
federal trade commission, created by the FTC act of 1914 to monitor promotion and advertising aspects of marketing
2 problems of self-regulation
non-compliance by members and enforcement, and if it is too strong it may violate the robbinson-patman act.