Marketing Quiz 1

What is Marketing?
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Terms in this set (21)
What is Marketing?
Marketing is an organizational function and a set of processes for creating, capturing, communication and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
Define Value
relationship of benefits to cost
What is the overall goal of Marketing?
the fundamental purpose of marketing is to create value by developing a variety of offerings, including goods and services and ideas to satisfy customer needs
Four P's of Marketing
Product, Price, Place, Promotion
Product
the fundamental purpose of marketing is to create value by developing a variety of offerings, including goods and services, and ideas to satisfy customer needs
- create value
Goods
items you can physically touch
services
intangible customer benefits that are produced by people or machines and cannot be separated from the producer
Ideas
thoughts, opinions, philosophies, and intellectual concepts that can be marketed
Price
capturing value, price is everything a buyer gives up (money, time, energy) in exchange for the product
Place
Delivering Value Proposition
Supply Chain Management - all activities necessary to get the product to the right customer when the customer wants it
place can also be for a service
PromotionCommunicating the Value Proposition communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a responseFunctions of MarketingThere are seven basic functions of marketing: Distribution Financing Market research Pricing Product/service management Promotion, and SellingAttaining a sustainable competitive advantageSustainable Competitive Advantage - an advantage over the competition that is not easily copied, and thus can be maintained over a long period of time - locational excellence - product excellence - operation excellence - customer excellenceDifference between a marketing strategy and a marketing planthe marketing strategy is your approach to achieving your competitive advantage, the marketing plan contains the activities that will get you there. The strategy is the why behind the work, and the plan is the when and the what that describes the workThe Marketing Plana written document that acts as a guidebook of marketing activities for the marketing manager - an analysis of the current marketing situation - opportunities and threats for the firm - marketing objectives and strategy specified in terms of the four P's - action programs - project or Pro-forma income (and other financial) statementsSteps of the Marketing Plan1. Business mission & objectives 2. situation analysis (SWOT) 3. Identify opportunities 4. Implement Marketing Mix 5. Evaluate performance using marketing metrics Planning Phase Implementation Phase Control PhaseSWOT analysisInternal Environment (strengths, weaknesses) External Environment (opportunities, threats)Boston Consulting Group Matrixa framework that classifies each product or product line within a firm's "product portfolio"Marketing Environment Analysis FrameworkIn all marketing activities, the consumer is at the center. Anything that affects consumers affects marketers. Any change in one of these environments likely requires an adjustment to the firm's marketing mix. By identifying potential environmental trends, firms often can take proactive steps.Examples of Corporate Social Responsibilityreducing carbon footprints, charitable global giving, improving labor policies Example is google has committed over $1 billion to renewable energy projects and enable other businesses to reduce their environmental impact through services such as Gmail Coca-Cola is putting a huge focus on sustainability, their message is 'a world without waste' with the aim of making their packaging 100% recyclable and replacin gall water used in creating their drinks back to environment to ensure water security. They aim that by 2030, they will have reduced their carbon footprint by 25%Why might a marketer participate in unethical behaviors?what they are doing is in their favor and will benefit themselves while harming others, its easier to do the wrong thing, or they really just didn't know