Chapter 1- Foundation of Marketing Flashcards Preview

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Flashcards in Chapter 1- Foundation of Marketing Deck (11):

The four different marketing terms throughout the year (4)

- 1935: direct goods and services from producers to consumers
1985: planning and executing the conception, pricing, promotion, distribution of goods and services that create exchange to satisfy individual and organizational objectives
- 2004: set of process for creating, communication, and delivering of values to customers and managing customers relationship to organization and its stakeholders
- 2007: process of creating, communication, delivering, and exchange of offering value to customers, clients, partners, and society at large


McCarthy Micro and Macro definition (2)

- micro: seek to accomplish organizational objectives
- macro: societal process flow of goods and services from producers to consumers that affect supply and demand


Define Kotter (1)

- satisfy the value of target market at profit


Define Winer and Dhar (1)

- influence choice


The Basic exchange system (3)

- start: partnership, producers, organization
- exchange space
- end: consumer, client, customers


The four differences exchange space (4)

- inbound communication: research
- outbound communication: advertising
- customer values: delivering and creating
- organization values: profit


Maslow Hierarchy of Needs (5)

- physiological
- safety
- belonging
- esteem
- self actualization


Business orientation - product focused internal (3)

- product driven: industrial, mass production, less concern for quality
- sales driven: WW2, increase competitive advantage, require unsought, shopping, and unknown goods
- market driven: 20th century, branding


Business orientation - market focused external (2)

- market orientation: 1960, dominant: understand customers, interdepartmental: acknowledge satisfaction, sustain: better than competitors
- societal marketing orientation: 21st century, long term benefits


The marketing process (5)

- understand marketplace and customers (for customers): competitors, partnership, customers
- market strategy: brand, development, and product
- integrate marketing program that delivers value: inbound, outbound
- build profitability with customers: intermediaries, partnership
- create value (for customers): value proposition


Relationship concept (3)

- customer relationship management
- supply chain management
- supplier relationship management