Marketing 3213 Exam 1

Marketing is

exchange

Barter

no $ exchanged, process of exchanging goods/services btwn 2 parties

Marketing exists bc people have:

needs & wants they’re willing to give up things of value to satisfy

Marketing transaction ex)

donating money to charity, “sell” time/labor to org

marketing management

process of setting marketing goals, planning & execution of activities to meet goals, & measuring progress towards goals

product

good or service meant to satisfy customer’s needs

promotion

means of communication with the customer

“everyone lives by selling something”

- Robert Louis Stevenson

True marketing ex)

National Institute of Health issues guidelines about intake of certain types of artificial sweeteners

is it important that any employees that interact with customers carry “marketing” in their job titles

false

Amount of dollar price paid by consumers for a product that goes to cover cost of marketing

50%

Functions that must take place to get products from producers to consumers

1) physical distribution

2) matching

3) promotion

What company is mostly credited with creating the marketing concept

General Electric

What management orientation makes profit through sales volume

selling concept

Marketing concept

realizes ppl don’t buy products, they buy solutions to problems

Reasons marketing needs data:

1) to prove their contribution to the rest of the org.

2) to know how effective its efforts are

3) to improve on its efforts

Marketing analytics

offers a solution to the problem that everyone has an opinion about the quality of marketing’s efforts

Data and measurements can be used to:

prove the effectiveness of marketing efforts

Benefits of marketing analytics

1) keep marketing focused on objectives

2) help improve marketing performance

3) build marketing’s credibility

“flying blind”

companies that have no marketing analytics process, make decisions by instinct, view marketing as an expense

pseudo analytics

marketing analytics that rely on proxy data from external sources

Marketing analytics process in order:

1) identify the right metrics

2) analyze the metrics

3) take improvement actions