Marketing Final

- Identifying and meeting human and social needs. - One of the shortest good definitions of marketing is “meeting needs profitably”. - An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

a cluster of complimentary goods and services that are closely related in the minds of consumers but are spread across a diverse set of industries. Like the automobile market consisting of manufacturers, dealers, financing companies, insurance companies, and mechanics.

assists buyers to move seamlessly through these groups, although they are disconnected in physical space

Someone who seeks a response (attention, a purchase, a vote, a donation) from another party, called the prospect.

1) Analyzing marketing opportunities 2) Selecting target markets 3) Designing marketing strategies 4) Developing marketing programs 5) Managing the marketing effort

for each target market, the firm develops a market offering that it positions in the minds of the target buyers as delivering some central benefits. Volvo makes cars for buyers who are concerned about safety. Volvo therefore positions its car as the safest you can buy.

set of benefits they offer to satisfy customers’ needs. Intangible value prop is made physical by an offering, which can be a combo of products, services, information, and experiences.

reflects the sum of the perceived tangible and intangible benefits and costs to consumers. It’s a combo of quality, service, and price called the customer value triad.

a person’s comparative judgment of a product’s perceived performance in relation to expectations.

1) Immediate actors involved with producing, distributing, and promoting offers, like the company, suppliers, distributors, dealers, and target customers.

Online businesses like Amazon created this by intervening in all traditional flow of goods through distribution channels. In response, many firms engaged in

added online services to their existing offerings.

One of the oldest concepts in business, meaning that consumers will prefer products that are widely available and inexpensive. Managers of production oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution

holds that consumers and business, if left alone, won’t buy enough of the organization’s products. The organization must, therefore, undertake an aggressive selling and promotion effort. Practiced most aggressively with unsought goods, goods that buyers normally do not think of buying, such as insurance, encyclopedias, and funeral plots. Most firms practice the selling concept when they have overcapacity, aiming to sell what they make rather than making what the market wants. Not Google.

the job is not to find the right customers for your products, but to find the right products for your customers. Under the marketing concept, the key to achieving organizational goals is to be more effective than your competitors in creative, delivering, and communication superior customer value to your target markets. - Reactive market orientation. Understanding and meeting customers’ expressed needs - Proactive marketing orientation. More advanced, high-level innovation to focus on customers’ latent needs. - Firms that practice both reactive and proactive are implementing total market orientation and are likely to be the most successful.