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Marketing Ch. 1: Terms
Terms in this set (19)
The definition of marketing from The American Marketing Association (AMA)
_________ "the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."
A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements.
Marketing affects various stakeholders.
Marketing is about satisfying customers needs and wants.
Marketing entails an exchange.
Marketing creates value through product, price, place and promotion decisions.
Marketing can be performed by individuals and organizations.
What are the core aspects of marketing?
________ is the trade of things of value between the buyer and the seller so that each is better off as a result.
product, price, place, and promotion
What is the marketing mix or Four P's?
_______ are items that you can physically touch.
_________ are intangible customer benefits that are produced by people or machines and cannot be separated from the producer.
_______ include thoughts, opinions, and philosophies; intellectual concepts such as these also can be marketed.
Marketing channel management refers to a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers.
It is also referred to as supply chain management.
What is marketing channel management? What is also known as?
What are three process unto which products can be marketed and distributed?
Value-Based Marketing Era
What is are the different era's of marketing?
Around the turn of the 20th century, most firms were production oriented and believed that a good product would sell itself.
Manufacturers were concerned with product innovation, not with satisfying the needs of individual consumers, and retail stores typically were considered places to hold the merchandise until a consumer wanted it.
Describe the Production-Orientated Era.
It was between 1920 and 1950. The Great Depression and World War II conditioned customers to consume less or manufacture items themselves, so they planted victory gardens instead of buying produce. As a result, manufacturers had the capacity to produce more than customers really wanted or were able to buy. Firms found an answer to their overproduction in becoming sales oriented: They depended on heavy doses of personal selling and advertising.
Describe the Sales-Oriented Era.
Some products, once in limited supply because of World War II, became plentiful. And the United States entered a buyers' market—the customer became king! When consumers again had choices, they were able to make purchasing decisions on the basis of factors such as quality, convenience, and price. Manufacturers and retailers thus began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services. It was during this period that firms discovered marketing.
Describe the Market-Oriented Era.
Before the turn of the 21st century, better marketing firms recognized that there was more to good marketing than simply discovering and providing what consumers wanted and needed; to compete successfully, they would have to give their customers greater value than their competitors did.
Describe the Value-Based Marketing Era.
________ reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives.
With ___________, customers act as collaborators with a manufacturer or retailer to create the product or service.
___________ is a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship.
customer relationship management (CRM)
_______________ is a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers.
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