MKT301 review
Ch1 Marketing: The Art and Science of Satisfying Customers
1. Define marketing, explain how it creates utility, and describe its role in the global marketplace.
Marketing is an organizational function and a set of processes for: creating, communicating, and delivering value to customers.
Newer marketing involve managing customer relationships in ways that benefit the organization and its shareholders.
Marketing's Utility: Time, Place, Ownership Time: Availability of goods when customers want them Ex) Making appointments, UPS Overnight Place: Availability of goods at convenient locations Ex) Banks in grocery stores, on-site day care Ownership: Availability to transfer title of goods to buyer Ex) Retail sales (in exchange for currency, credit cards)
In the Global Marketplace it is responsible for: Increasing international trade Ex) Searching for most efficient markets for their products Growth of electronic business Ex) Reaching out to markets in electronically growing areas Interdependence of the world's economies Ex) Marketing to tap into new resources/opportunities from other nations
2. Contrast marketing activities during the four eras in the history of marketing.
Production Era(1920s): Good products sells itself
Sales Era(Prior 1950s): Creative advertising and selling
Marketing Era(Since 1950s): Finding a need and filling it; consumers rules
Relationship Era(1990s): Long-term relationships with customers and other partners for success
3. Explain the importance of avoiding marketing myopia.
Failure to recognize the scope of the business can keep it from future growth. This is product oriented businesses rather than customer oriented businesses. Ex) Laundry services, electric utilities
4. Describe the characteristics of not-for-profit marketing.
Not-for-profit organizations do not have a financial bottom line, although this have changed in recent years in order to compete against other not-for-profits.
They
1. Define marketing, explain how it creates utility, and describe its role in the global marketplace.
Marketing is an organizational function and a set of processes for: creating, communicating, and delivering value to customers.
Newer marketing involve managing customer relationships in ways that benefit the organization and its shareholders.
Marketing's Utility: Time, Place, Ownership Time: Availability of goods when customers want them Ex) Making appointments, UPS Overnight Place: Availability of goods at convenient locations Ex) Banks in grocery stores, on-site day care Ownership: Availability to transfer title of goods to buyer Ex) Retail sales (in exchange for currency, credit cards)
In the Global Marketplace it is responsible for: Increasing international trade Ex) Searching for most efficient markets for their products Growth of electronic business Ex) Reaching out to markets in electronically growing areas Interdependence of the world's economies Ex) Marketing to tap into new resources/opportunities from other nations
2. Contrast marketing activities during the four eras in the history of marketing.
Production Era(1920s): Good products sells itself
Sales Era(Prior 1950s): Creative advertising and selling
Marketing Era(Since 1950s): Finding a need and filling it; consumers rules
Relationship Era(1990s): Long-term relationships with customers and other partners for success
3. Explain the importance of avoiding marketing myopia.
Failure to recognize the scope of the business can keep it from future growth. This is product oriented businesses rather than customer oriented businesses. Ex) Laundry services, electric utilities
4. Describe the characteristics of not-for-profit marketing.
Not-for-profit organizations do not have a financial bottom line, although this have changed in recent years in order to compete against other not-for-profits.
They