Marketing Exam 1

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hhchang
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Marketing Exam 1
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2013-02-02 23:43:30
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Marketing Exam 1 flashcards
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  1. CH 1: Definition of Marketing
    activity of creating, communicating, delivering, and exchanging offerings that benefit its customers, organization, its stakeholders, and society at large
  2. CH 1: Most important thing that goes on in business?
    Exchanges between sellers and buyers
  3. CH 1: Profit equation
    Profit = Total Revenue - Total Expenses
  4. CH 1: Definition of Exchange
    trade of things of value between buyer and seller so that each is better off after the trade
  5. CH 1: 4 Categories of Utility
    1. Form Utility
    2. Time Utility
    3. Place Utility
    4. Possession Utility
    • -physically change the form to create value
    • -manu. and production deal with this area, not marketing
  6. CH 1: 4 Categories of Utility
    1. Form Utility
    2. Time Utility
    3. Place Utility
    4. Possession Utility
    • -timing of when good are needed and provided creates value
    • -marketing is concerned with when products are in stores
  7. CH 1: 4 Categories of Utility
    • 1. Form Utility
    • 2. Time Utility
    • 3. Place Utility
    • 4. Possession Utility (Information Utility)
  8. CH 1: 4 Categories of Utility
    1. Form Utility
    2. Time Utility
    3. Place Utility
    4. Possession Utility
    • -product being in one place versus another creates value
    • -more customer satisfaction in being able to purchase something close by, willing to pay more
    • -also a part of marketing
  9. CH 1: 4 Categories of Utility
    1. Form Utility
    2. Time Utility
    3. Place Utility
    4. Possession Utility
    • -a.k.a. Information Utility
    • -value and satisfaction is created because consumer has information such as how to use the product
    • -marketing provides info that consumers need to create value for products offered
  10. CH 1: 4 Orientations of Marketing
    • 1. Production Orientation
    • 2. Selling Orientation
    • 3. Marketing Orientation (Marketing Concept)
    • 4. Societal Marketing Concept
  11. CH 1: 4 Orientations of Marketing
    1. Production Orientation
    2. Selling Orientation
    3. Marketing Orientation
    4. Societal Marketing Concept
    • -tends to work when D>S
    •    -demand is greater than supply
    • -understands that consumers want a good product, reasonable price, and locally
    • ex: Henry Ford
  12. CH 1: Henry Ford example
    • (1st Marketing Orientation) Production Orientation
    • -Model T's
    • -"you can have any color car, as long as it is black"
    • -worked because demand was greater than supply
  13. CH 1: 4 Orientations of Marketing
    1. Production Orientation
    2. Selling Orientation
    3. Marketing Orientation
    4. Societal Marketing Concept
    • -used when S>D
    •      -supply is greater than demand
    • -product must be promoted in order to sell the product
  14. CH 1: 4 Orientations of Marketing
    1. Production Orientation
    2. Selling Orientation
    3. Marketing Orientation
    4. Societal Marketing Concept
    • -a.k.a. Marketing Concept
    • a way of thinking or organizing that says all elements of business are orientated toward customer satisfaction at a long term profit
    • -center of the company is the customer
    • -marketing deals primarily with the customer, integrates the business and the customer
    • -everything else branches outside of the customer and marketing
    • -must know what the customer wants in order to satisfy them
    • -firm will then create what the customer wants more effectively and efficiently than their competitor
    • -not usually done (lazy, lack of resources)
    • ex: Animal Trap Company
  15. CH 1: Animal Trap Company example
    • (3rd Marketing Orientation) Marketing Orientation
    • -president: Chester Woolworth
    • -"if you make a better mousetrap, the world will beat a path to your door"-R.W. Emerson
    • -new plastic igloo mousetrap design grew and then failed rapidly
    • -didn't satisfy both buyers and sellers
    • -suburban families, too nice to throw trap away, needed to be cleaned, reminded users of mice
    • -preferred wooden mousetraps afterwards
  16. CH 1: 4 Orientations of Marketing
    1. Production Orientation
    2. Selling Orientation
    3. Marketing Orientation
    4. Societal Marketing Concept
    • -the well-being of society at large should also be recognized in an organization's marketing decisions
    • -society is the third group in addition to producers and consumers that must be considered when making marketing decisions
    • -everyone is a part of society
    • ex: Sustainability
    • ex: Mayor Bloomberg (NYC)
    • ex: fracking
  17. CH 1: Mayor Bloomber (NYC) example
    • (4th Marketing Orientation) Societal Marketing Concept
    • -passed law to ban the sale of drinks larger than 16 o.z.
    • -for society's best interest, targeting obesity
  18. CH 1: Fracking example
    • (4th Marketing Orientation) Societal Marketing Concept
    • -shooting water and chemicals into the soil to bring up oil
    • -creates jobs in North Dakota
    • -can affect ground water
    • -is fracking okay?
  19. CH 1: 4 P's of Marketing
    • 1. Product: good, service, or idea to satisfy consumer's needs
    • 2. Price: what is exchanged for the product
    • 3. Promotion: a means of communication between the seller and buyer
    • 4. Place: a means of getting the product to the consumer (distribution)
  20. CH 1: Definition of Marketing Mix
    • combination of the decisions made regrading the four P's of marketing (product, price, promotion, and place)
    • -decisions are oriented toward satisfying the customer
    • -4 P's are controllable factors
    • -uncontrollable environmental forces: social, economic, technological, competitive, and regulatory forces
    • -both affect the marketing mix
  21. CH 2: Alice in Wonderland example
    Chesire Cat tells Alice that if she doesn't know where she wants to go, it doesn't matter which road she takes at a crossroads
  22. CH 2: 4 Purposes of Goals
    • 1. Goals serve as a Reference Point
    • 2. You can Rally around a Goal
    • 3. Goals serve as Motivation
    • 4. Goals aid Decision Making
  23. CH 2: 4 Purposes of Goals
    1. Goals serve as a Reference Point
    2. You can Rally around a Goal
    3. Goals serve as Motivation
    4. Goals aid Decision Making
    serves as a measure of how well you are doing
  24. CH 2: 4 Purposes of Goals
    1. Goals serve as a Reference Point
    2. You can Rally around a Goal
    3. Goals serve as Motivation
    4. Goals aid Decision Making
    no one can rally around something when they don't have anything to rally around
  25. CH 2: 4 Purposes of Goals
    1. Goals serve as a Reference Point
    2. You can Rally around a Goal
    3. Goals serve as Motivation
    4. Goals aid Decision Making
    • you are always motivated to do something, what matters is what you are motivated to do and how intense the motivation is
    • ex: student who never came to 8:30 class
    •    -he was intensely motivated to sleep more
  26. CH 2: 4 Purposes of Goals
    1. Goals serve as a Reference Point
    2. You can Rally around a Goal
    3. Goals serve as Motivation
    4. Goals aid Decision Making
    • life is a set of choices and decisions made
    • good decisions lead to good results, bad decisions lead to bad results
  27. CH 2: Having a goal doesn't mean anything, getting people  ____________ to the goal is the key
    committed
  28. CH 2: Dr. Manzer's daughter going to the prom example
    • Dr. Manzer and his wife decided that none of his children would date until they were 16
    • daughter was asked to the prom at 14
    • got her committed to the goal waiting to date when she was little
  29. CH 2: 3 Marketing Fundamentals/Trends
    • 1. Long-Term Customer Focus
    • 2. Interdependability/Team Work
    • 3. Entitlement/Employee Accountability
  30. CH 2: Definition of Brand Loyalty
    • using a company's products on a regular basis
    • brand loyalty is subject to price

    part of 1st Marketing Fundamental: Long-Term Customer Focus
  31. CH 2: 3 Marketing Fundamentals/Trends
    1. Long-Term Customer Focus
    2. Interdependability/Team Work
    3. Entitlement/Employee Accountability
    • focus on long-term relationships
    • easier to keep a customer than to get a new customer
    • ex: OSU's relationships with students
  32. CH 2: OSU's relationships with students example
    • (1st Marketing Fundamental) Long-Term Customer Focus
    • OSU builds relationships with students so that when they leave, they still feel an affinity to OSU- donate money
  33. CH 2: 3 Marketing Fundamentals/Trends
    1. Long-Term Customer Focus
        -3 kinds of Binds
    2. Interdependability/Team Work
    3. Entitlement/Employee Accountability
    create multiple binds so that when another company comes with a better deal, it is harder for the customer to leave

    • 1. Economic/Financial Bind
    • 2. Technical/Structural Bind
    • 3. Social Bind
  34. CH 2: 3 Marketing Fundamentals/Trends
    1. Long-Term Customer Focus
         a. Economic/Financial Bind
         b. Technical/Structural Bind
         c. Social Bind
    2. Interdependability/Team Work
    3. Entitlement/Employee Accountability
    • economic: better deal to you because you prefer the prodcut
    • financial: cheaper product
  35. CH 2: 3 Marketing Fundamentals/Trends
    1. Long-Term Customer Focus
         a. Economic/Financial Bind
         b. Technical/Structural Bind
         c. Social Bind
    2. Interdependability/Team Work
    3. Entitlement/Employee Accountability
    • technical: being tied to one another
    •      -social media
    •      -services being offered online (shopping)
    • structural: physically having things, tie people when services are offered close by
    •      -services being offered in the same place
    •        ex: Student Union
    •      -ATMs everywhere
    • ex: DOW Chemical Company's close client
  36. CH 2: DOW Chemical Company's close client example
    • (2nd Marketing Fundamental) Technical/Structural Bind
    • DOW Chemical Company produces gaseous nitrogen which it directly pipes to company 15 miles away
  37. CH 2: 3 Marketing Fundamentals/Trends
    1. Long-Term Customer Focus
         a. Economic/Financial Bind
         b. Technical/Structural Bind
         c. Social Bind
    2. Interdependability/Team Work
    3. Entitlement/Employee Accountability
    • build relationships with people that tie them to you
    • customers will forgive you for your errors if they have a relationship with you
    • ex: Father McCagey in MASH
  38. CH 2: Father McCagey in MASH example
    • (3rd Marketing Fundamental) Social Bind
    • Korean war
    • Father McCagey was a terrible pianist
    • "when you get to know him, he plays better"
    • you forgive people of errors when you have a relationship with them

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