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| The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
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| The leading and managing of the facets of marketing to improve individual, unit, and organizational performance. |
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| Any person or entity inside or outside a firm with whom marketing interacts, impacts, and is impacted by. |
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| The concept that, at the broad level, members of society at large can be viewed as a stakeholder for marketing. |
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| The practicing of business that meets humanity’s needs without harming future generations. |
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| A ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits. |
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| The maximization of production capacity through improvements in products and production activities without much regard for what is going on in the marketplace. |
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| The increase of sales and consequently production capacity utilization by having salespeople “push” product into the hands of customers. |
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| Business philosophy that emphasizes an organization-wide customer orientation with the objective of achieving long-run profits. |
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| marketing mix (4Ps of marketing) |
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| Product, price, place, and promotion—the fundamental elements that comprise the marketer’s tool kit that can be developed in unique combinations to set the product or brand apart from the competition. |
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| Placing the customer at the core of the enterprise and focusing on investments in customers over the long term. |
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| Communicating and delivering value m different ways to different customer groups. |
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| The implementation of the marketing concept, based on an understanding of customers and competitors. |
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| Placing the customer at the core of all aspects of the enterprise. |
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| Investing in keeping and cultivating profitable current customers instead of constantly having to invest in gaining new ones. |
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| customized (one-to-one) marketing |
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| A marketing strategy that involves directing energy and resources into establishing a learning relationship with each customer to increase the firm’s customer knowledge. |
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| Combining flexible manufacturing with flexible marketing to greatly enhance customer choice. |
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| The dimension of marketing that focuses on external forces that affect the organization and serves as the driver of business strategy. |
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| The dimension of marketing that focuses on the functional or operational level of the organization. |
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| The long-term, firm-level commitment to investing in marketing—supported at the highest organization level—for the purpose of enhancing organizational performance. |
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| Approaches that drive the market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before. |
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| Marketing activities that take place at the functional or operational level of a firm. |
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| Tools and processes designed to identify, track, evaluate, and provide key benchmarks for improvement of marketing activities. |
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-Marketing is all about advertising.
-Marketing is all about selling.
-Marketing is all about the sizzle.
-Marketing is inherently unethical and harmful to society.
-Only marketers market.
-Marketing is just another cost center in a firm. |
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| MARKETING MISCONCEPTIONS (6) |
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| (BLANK) is the ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits. |
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| (BLANK) occurs when a person gives up something of value to them for something else they desire to have. |
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-There must be at least two parties.
-Each party has something that might be of value to the other party.
-Each party is capable of communication and delivery.
-Each party is free to accept or reject the exchange offer.
-Each party believes it is appropriate or desirable to deal with the other party. |
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Definition
| For exchange to take place... (5) |
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-Pre-Industrial Revolution
-Focus on Production and Products
-Focus on Selling
-Advent of the Marketing Concept |
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| MARKETING’S ROOTS AND EVOLUTION (4) |
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-differentiation orientation
-market orientation
-relationship orientation
-one-to-one marketing |
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| post-marketing concept approaches (4) |
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-Shift to product glut and customer shortage
-Shift in information power from marketer to customer
-Shift in generational values and preferences
-Shift to Marketing (“Big M”) and marketing (“little m”)
-Shift to demanding return on marketing investment |
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Definition
| CHANGE DRIVERS IMPACTING THE FUTURE OF MARKETING (5) |
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-Competitors Proliferate
-All Secrets Are Open Secrets
-Innovation Is Universal
-Information Overwhelms And Depreciates
-Easy Growth Makes Hard Times
-Customers Have Less Time Than Ever |
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| Fred Wiersema's New Market Realities (6) |
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-Marketing is a fuzzy field
-If it can’t be measured, it can’t be managed
-Is marketing an expense or an investment?
-CEOs and stockholders expect marketing accountability |
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| reasons for focusing on marketing metrics (4) |
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