UDel BUAD301 Exam 1 Bambach

Chacteristics of Marketing

-applies to profit and non-profit organizations

-more than just persuading customers

-begins with customer needs

-involves exchanges

-builds relationship with the customer

Why marketing is important to every consumer.

1. people bear the cost of marketing via price

2. everyone buys or uses a product or service

3. people shop, are exposed to advertising, and provide info to businesses

Why marketing is important to your job.

1. Selling your ideas

2. marketing offers career opportunities

3. organizations exist to satisfy customers;marketing contributes to success

Why marketing is important to your next job.

people have to market themselves

What is the definition of marketing?

performance of activities that seek to accomplish an organizations objectives by anticipating customer/client needs and directing a flow need-satisfying goods and services from producer to customer/client.

What are the characteristics macro-marketing?

-emphasis is on how the whole marketing system works

-delivers the G+S that consumers want and need

-how marketing effects society and vice versa

-economies of scale (as a company produces larger numbers of a particular product, the cost of each unit of the product goes down)

What is the definition of macro marketing?

social process that directs an economy's flow of G+S from producer to consumer in a way that effectively matches S+D and accomplishes the objectives of society

What are the characteristics of the role of marketing in command economy?

What are the universal functions of marketing?

1.Buying

2.Selling

3. Transporting

4.Storing

5.Standardization

6.Financing

7.Risk Taking

8.Market Information Function

How has marketing's role changed over the years?

There are 5 eras in marketing evolution:

1. Simple trade Era

2. Production Era

3. Sales Era

4. Marketing Department Era

5. Marketing company Era

What does the marketing concept mean?

The idea that an organization should aim all of it's efforts at satisfying it's customers- at a profit

What are the 3 basic ideas are included in the definition of marketing concept?

1. Customer satisfaction

2. Total company effort

3. Profit-not just sales-as an objective

What is a marketing strategy?

Specifies a target market and a related marketing mix. It is a big picture of what a firm will do in some market.

What 2 interrelated parts are needed in a marketing strategy?

1. Target market

2. Marketing mix

How is selecting a Market-Oriented Strategy is target marketing?

because marketing strategy specifies some particular target customers.

what 4 things make up the marketing mix?

1.Product

2.Place

3.Promotion

4.Price

What is customer lifetime value?

The total stream of purchases that a customer could contribute to the company over the length of the relationship.

What is customer equity?

The expected earnings stream (profitability) of a firm's current and prospective customers over some period of time. While the focus on short-term sales had long-run negative consequences

What are attractive opportunities?

Breakthrough opportunities are best, because they help innovators develop hard-to-copy marketing strategies.

Competitive advantage is also needed

Differentiation- the marketing mix is distinct from and better that what is available from a competitor

How should objectives set a firm's course?

Particular marketing objectives should be set within the framework of larger company objectives. Company objectives and marketing objectives should be realistic and achievable.

What is a market environment?

What are the types of opportunities to pursue?

1. Market penetration (trying to increase sales of present products in its present markets)

2. Market development (trying to increase sales by selling present products in new markets)

3. Product development (offering new or improved products for present markets)

What are the characteristics of a market environment?

customers, the company, and competitors

What helps company's plan its objectives?

The mission statement

What is an economic environment?

Refers to the macro-economic factors, including national income, economic growth, and inflation, that effect patterns of consumer and business spending.

How do economic conditions effect marketing strategy?

They change rapidly forcing a change

How do you analyze competitors?

Use the competitor matrix which compares the strengths and weaknesses of a company with all it competitors

What are the 4 basic markets that can have a competitive environment?

1. monopoly

2. pure competition

3. oligopoly

4. monopolistic competion

What is a political environment?

The way attitudes and reactions of people, social critics, and governments affect the environment.

What is nationalism?

An emphasis on a country's interests before everything else-affect how macro-marketing systems work. Can reduce sales

What is free-trade?

Agreements between companies to not restrict imports or exports

What is NAFTA?

A agreement that reshaped the rules of trade among U.S, Canada, and Mexico