Chapter 1 - Fundamentals of Marketing

What are the four objectives of marketers?

Drive profits, generate revenue, support funding programs, and run operations.

What is the role of manufacturing?

To produce products.

What is the role of finance?

To monitor sales and costs.

What is the role of information systems?

To coordinate e-commerce and digital marketing strategies.

What is the role of human resources?

To ensure qualified and innovative people fill organizational roles.

How do organizational departments operate?

They collaborate to support the organization's objectives.

What are the six departments shown in the organizational diagram?

Research and Development, Human Resources, Information Technology, Marketing, Finance, and Manufacturing.

What is at the centre of the organizational structure?

Senior Management.

What is the relationship between an organization and its owners?

Ownership and shareholders.

What is the relationship between an organization and its customers?

Customer relationships.

What is the relationship between an organization and its suppliers?

Partnerships.

What is the relationship between an organization and other organizations?

Alliances.

What is CREST?

A framework representing the organization's external environmental forces.

What does C stand for in CREST?

Competitive.

What does R stand for in CREST?

Regulatory.

What does E stand for in CREST?

Economic.

What does S stand for in CREST?

Social.

What does T stand for in CREST?

Technological.

What connects the organization to its external environment?

Relationships with owners, customers, suppliers, and other organizations, alongside environmental forces.

Successful marketing is focused on consumer ___ and ___ and developing programs that engage ___ and inspire customer ___

needs, wants, consumers, loyalty

Need

a person feels deprived of basic necessities

Want

a need shaped by person’s knowledge, culture and personality

Customer Value Proposition

unique combination of benefits received by targeted buyers that will satisfy their needs

Target Market

specific group (segment) existing and potential consumers to which marketers direct their efforts

What are the 4 P’s?

product, price, place and promotion

What is the 3 step Marketing Process?

1. Identifying consumer needs

2. Managing the marketing mix

3. Reaching potential customers

Market

potential groups of customers who have both the willingness AND ability to buy a product

Evolution of Business Philosophies

1. Product orientation

2. Sales orientation

3. Marketing orientation

4. Relationship orientation

Greenwashing

deceptive use of marketing practices to give the impression that a good, service or organization is environmentally friendly

List 7 new Marketing Practices

1. Digital Marketing

2. Augmented reality

3. Experiential marketing

4. Influence marketing

5. Partnership Marketing

6. Metrics and Analytics

7. New marketing regulations and ethical considerations

Digital Marketing

use of digital technology to reach consumers (content, mobile and social media)

Augmented Reality

combining things in the real world with computer-generated information

Experiential Marketing

create opportunities for consumer to directly interact face-to-face with a brand

Influencer Marketing

no longer limited to major celebrities but also micro-influencers

Partnership Marketing

create formal associations between brands

Metrics and Analytics

improve programs and deliver better results online and offline

New regulations and ethical considerations

privacy, greenwashing, safeguard people and new guidelines