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MKT Chapter 1
| Question | Answer |
|---|---|
| 3m | how college kids study and put that into a product that helps improve studying. Then manufacture and market it. Sounds easy but it took many years. Process of discovering & satisfying consumer needs to create customer value through effective marketing. |
| Post it and windorski | he must design new products. % rule where you can use 15% of your time to do unfunded research. He observed/questioned dozens of students. That’s how he came up with putting a highlighter and post it in one. |
| Non-working Post it models | showed him how the product would feel and took a lot of time. He then used the working model to give him feedback from students |
| You are an expert marketer | you do these decisions every day! Experience in marketing gives you some expertise in marketing. But good marketing isn’t always easy. Thousands of new products fail in the marketplace. |
| Marketing | affects all individuals, organs, industries and countries. Small businesses are the source of the majority of new US jobs. |
| Youtube | brought together by 3 entrepreneurs which is now part of google. This was a success, but more than ½ of new businesses fail within the first 5 years. Revolutionixed internet’s videos and invention of the year for 2006. It’s edgy and easy for users. |
| Jawed Kim | knows college kids have great ideas but don’t have the money or know how to get started. Launched Youniversity Ventures to help COLLEGE STUDENTS or first time entrepreneurs with 50-300 thousand $ |
| American marketing association | AMA represents marketing professionals |
| Marketing | An activity for creating, communicating, delivering, and exchanging OFFERINGS that BENEFIT the organization, its stakeholders, and society at large. Broader than advertising or personal selling. Stress the importance of the genuine benefits. |
| stakeholders | customers, employees, suppliers, shareholders |
| who should benefit from marketing | the organization, shareholders and society |
| the serve both the buyers and sellers, marketing seeks | 1) to discover the needs and wants of prospective customers 2) satisfy them |
| prospective customers | individuals buying for themselves and their households AND organizations for their own use (such as manufacturers) or resale (wholesalers and retailers) |
| Exchange | The trade of things of value between buyer and seller so that each is BETTER OFF after the trade |
| the marketing department in an organization | both shapes and is shaped bu its relationship with internal and external groups. FIGURE 1-2. Facilitates relationships, partnerships, alliances with customers, suppliers and other organ. Needs to balance different interests. |
| For marketing to occur, 4 factors are required | 1- two or more parties (individuals or organizations) with unsatisfied needs 2- a desire and ability on their part to be satisfied 3- a way for the parties to communicate (free sample in the mail or an item on display) 4- something to exchange |
| first objective in marketing | discovering the needs of prospective customers (they may not know they need something or how to describe what they need). Effective marketing research. Apple personal computer buyers had to be taught and Bell bicycle helmets needed much research. |
| Suggestion to make a product last in the long run (from McMath) | 1-focus on what the consumer benefit is. look at what they need/want. You must meet the changes that consumers face as time goes by. 2- learn from the past |
| dr care tooth paste | sanitary and easy to use BUT little kids who use the aerosol can to spray it on bathrooms |
| hot pockets | delicious and large variety. but freezer temperature differences can cause ice crystals to form and defrost and make it taste less appealing |
| at&t cruise cast | good for on the go anywhere in the US. but it cost 1000 to install and 28 monthly for limited channels. the antenna was also bad for an overpass |
| pepsi max | tastes good but some women might not like that it is made for men |
| need | when a person feels deprived of basic necessities such as clothing and shelter |
| want | need that is shaped by a person's knowledge, culture and personality. Good marketing creates an awareness of good products at convenient locations to shape a persons wants. |
| marketing tries to influence what we buy. where does govt come in? | govt and society should protect consumers from unsafe cars and harmful drugs but not candy bars. NO CLEAR CUT ANSWERS which is why there are social issues |
| need vs want | Meanings are debatable so we will use them interchangeably. FIG 1-3 |
| Market | made up by potential consumers/people with both the desire and ability (authority, time and money)to buy a specific offering. All markets are ultimately people. You can buy an idea like getting blood work done to lead to another action. |
| Target Market | One or more specific groups of potential consumers toward which and organization directs its marketing program. |
| marketing manager | must develop a complete marketing program to reach consumers by using the four Ps come up by Professor McCarthy |
| Marketing Mix | The marketing manager's CONTROLLABLE factors: (1) Product, (2) price, (3) promotion, and (4) place USED TO SOLVE A MARKETING PROBLEM |
| Product | good, service or idea to satisfy consumer needs |
| price | what is exchanged for the product |
| promotion | a means of communicating between the seller and the buyer |
| place | a means of getting the product to the consumer |
| Environmental Forces | Not the marketing mix, but the forces beyond their control, including (1) social, (2) economic, (3) technological, (4) competitive, (5) regulatory forces. Some marketing professionals treat environmental forces as out of their control, some don't |
| Environmental Forces Examples | what consumers want and need, changing technology, the state of the economy if it is expanding or contracting, actions that competitors take, government restrictions. they are ACCELERATORS or BRAKES on marketing. |
| Environmental Forces that are controllable | by forward looking, action oriented firms that affect some Environmental Forces. EX achieving technological/competitive breakthroughs. |
| Intense competition | causes restructuring of industries/businesses. Many focus on "customer value" |
| essence of successful marketing | gaining loyal customers by providing unique value. NOW we must understand how a firm's customers perceive value and then creating that value. They are more likely to repurchase more over time. |
| Customer Value | How firms gain loyal customers. Now efforts are made to understand this combination of benefits received by targeted market, including quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. |
| Firms cannot succeed | by being all things to all people. RATHER you have to find ways to build long term customer relationships to targeted markets. |
| Outstanding Customer Value through | 1- best price (walmart, SW airlines, Costco) 2- best product (starbucks, nike, j&j) 3- best service (home depot and marriot) |
| Relationship Marketing | Hallmark of developing and effective customer relationships, linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits. Also links other vital stakeholders |
| Relationship Marketing is more Effective | when there is personal ongoing communication between individuals both in the selling and buying organizations. (but this is UNTENABLE because internet makes these connections hardr) It and cutting edge manufacturing makes things you want faster and easier |
| Marketing Program | A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. A trial and error process. favorable by buying vice versa. to be effective organ, this must be continuous. |
| READ PG 14 | 3M strategy and marketing program |
| stages of a firm | 1- production era 2- sales era 3- marketing concept era 4- customer relation era |
| production era | up until the 1920s. Goods were scarce and buyers were willing to accept virtually any goods that were available and make due with them |
| sales era | 1920s-1960s where manufacturers found that you could produce more goods than buyers could consume. competition grew and you had more salespeople to find new buyers. |
| Marketing Concept | originated in 1950s, when manufacturers could provide more than could be consumed. Idea that organization should (1) strive to satisfy the needs of consumers (2) trying to achieve the organization's goals |
| Marketing Orientation | Implementation of the marketing concept. Focuses efforts on (1) continuously collecting information about customer's needs and (2) sharing info across departments to (3) create customer value. Resulted in customer relationship era. GM, Toyota, Mariott |
| Customer relationship management (CRM) | Process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so buyers will choose them in the marketplace. $$ comp failed when target market not identified. |
| Customer Experience | Foundation of CRM, the internal response customers have to the organization and its offering, includes both direct and indirect contact. |
| Direct contact | The customer's contacts with the seller through buying, using, and obtaining service. Part of customer experience |
| ndirect Contact | Unplanned touches with the company through word-of-mouth comments from other customers, reviewers, and news reports. |
| Disconnect between what companies think they are providing and what customers say they are receiving | shows how important customer experience is. |
| society's expectations of marketers have change | shifted from an emphasis on producers interests to consumers interests. Also consider social/environmental consequences. |
| Ethics | many companies have a code of ethics to assist managers |
| Societal Marketing Concept | Organization should satisfy the needs of consumers in a way that provides for society's well-being. Help solve practical needs of society. Something can be more expensive but it can turn out that it won't rust/scratch. DIRECTLY RELATED TO MACROMARKETING |
| Macromarketing | The study of the aggregate flow of a nation's goods and services to benefit society. Addresses broad issues such as whether marketing costs too much, whether advertising is wasteful, and what resource scarcities and pollution side effects |
| Micromarketing | how an organization directs its marketing activities and allocates its resources to benefit its customers. THIS IS THIS BOOK |
| Who markets | every organization markets. individuals like politicians, non profits and manufacturers |
| what is marketed | goods, services and ideas. |
| goods | physical objects that satisfy consumer needs |
| services | intangible items such as flights or museums |
| ideas | thoughts about concepts actions or causes. Most often marketed by non profits or the government. |
| Ultimate consumers | People who use the goods and services purchased for a household |
| Organizational buyers | Manufactures, wholesalers, retailers, and governmental agencies that buy goods and services for their own use or for resale. |
| who benefits? three specific groups: | -consumers who buy -organizations who sell -society as a whole Competition ensures that you will find value from the best products, lowest prices or exceptional service. Provides jobs and higher standard of living |
| how do consumers benefit | UTILITY |
| Utility | The benefits or customer value recieved by users of the product. This utility is the result of the marketing excahnge process and the way society benefits from marketing. There are four different utilities: Form, place, time, and possession. |
| Form Utility | production of good or service |
| Place utility | having the offering available where consumers need it |
| Time Utility | having the offering available when needed |
| Possession Utility | The value of making an item easy to purchase through the provision of credit cards or financial arrangements |
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natiibabii
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