Chapter 1How is marketing defined? The activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customer, clients, partners, and society at large.What are the key elements/components of marketing? Process for exchanging offerings that offer valueWhat conditions must be true for marketing to occur? - At least two parties have unmet NEEDS- Each party has the desire and ability to satisfy the others needs- There is a mechanism for the parties to communicate with each other- Each party has something of value to exchangeWhat is a need? Difference between an actual/current state and an ideal or desired state (food, water, shelter, love, fun, power, respect, safety, etc.).What types of needs exist? See Maslow’s Hierarchy of NeedsHow is a need different from a want? A want is a specific way to satisfy a need.How is value defined? Benefits-CostWhat is a benefit? What one receives from an object; what a product does for someone. Buying a brand, experience, benefit, stature, good feeling, satisfy needWhat is utility? Usefulness received or worth one can get from something: value derivedfrom:What are the four types of utility we’ve discussed in this course and how do they differ? Form (product itself), Place (where available), Time (when available), Possession (process that facilitate purchase/ownership/possession)What is a value proposition? A cluster of benefits that an organization promises customers to satisfy their needsEx. Wal-Mart promises “Everyday low prices..” What is meant by product differentiation? A firm using different marketing mix activities to help consumers perceive the product as being different and better than competing productsIdentify the various types of stakeholders in marketing? Employees, customers, managers, shareholders, the community as a whole (anyone affected by marketing)What are the elements of the “Triple Bottom Line?” Profit, People, PlanetWhat is a market? Potential customers (people with the ability and desire to buy a specific offering What are the “Four Ps”? Controllable factors - Product- Place- Price- Promotion (communication, personal selling, advertising, direct marketing)What are the elements of the marketing mix? - Product: A good, service, or idea to satisfy customer needs- Price: What is exchanged for the product- Place: A means of getting the product to the customer- Promotion: A means of communication between the seller and buyerWhat is relationship marketing? Developing and maintaining effective customer relationships; links organization to its customers, employees, suppliers, and other partnersfor mutual long term benefit; Leads to Customer Relationship Management (CRM)What is the marketing concept? The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals- Marketing Orientation: focuses its efforts on continuously collecting information about customers needs, sharing this information across departments, and using it to create customer valueWhat is the societal marketing concept? The view that organizations should satisfy theneeds of consumers in a way that provides for society’s well-beingChapter 2What are the various competitive forces? - Barriers to entry: How hard it is to enter the market- Power of Buyers/Power of Sellers- Existing competitors and substitutes- Small business as competitorsHow is an industry structured? - IndustryOfferingsBusiness Firms (goals: Sales, Market Share, Profit)/Non Profits (goals: Clients, Satisfaction, Efficiency)Sustainable DevelopmentWhat is a strategic business unit (sbu)? A subdivision that markets a set of related offerings to a clearly defined group of customers; managers set a more specific strategic direction for the business to exploit value-creating opportunitiesWhat is a strategy? An organizations long-term course of action designed to deliver a unique customer experience while achieving its goalsWhat is a mission statement? Based off core values; a statement of the organizations function in society that often identifies its customers, markets, products, and technologies; clear, concise, meaningful, inspirational, and long termWhat is a business model? The strategies an organization develops to provide value to the customers it serves- Technological innovations are generally the reason companies advise theirbusiness modelWhat is a goal and an objective? Statements of an accomplishment of a task to be achieved, often by a specific timeWhat types of goals or objectives do organizations have? Profit, Sales/Revenue, Market Share, Quality, Customer Satisfaction, Employee Welfare, Social Responsibility, Public Good- Long Term/Short TermWhat are a marketing dashboard and its function and purpose? Visual computer display of essential information related to achieving a marketing objective- Marketing Metric: a measure of the quantitative value or trend of a marketing activity or resultWhat are the dimensions and the various elements of the BCG Matrix portfolio analysis approach?- Cash Cows: SBU’s that generate large amounts of cash, far more than they can invest in themselves. High market share and low growth rate- Stars: High market share and high growth rate; When growth slows down,they will become cash cows- Question Marks: Low market share of a high growth rate market- Dogs: Low market shares of slow growth marketso Organizations generally start as question marks and with proper development and investing become stars, cash cows, then dogs.What are four market-product strategies discussed in this course? - Market Penetration- Product development- Market development- DiversificationWhat is a SWOT analysis and what does each letter in the acronym represent? - Strengths- Weaknesses- Opportunities- ThreatsWhat are the components of competition? Threat of new entrants, Bargaining power of buyers and sellers, Threat of substitute offeringsChapter 3What are the various environmental forces that can affect an organization? - Social (Demographics and Culture): Population, Attitudes, Values- Economic: Macroeconomic, Consumer income- Technological: Changing technology, Impact of technology on customer value- Competitive: Alternative forms of competition, Small businesses- Regulatory: Pricing, Distribution, Promotional legislationsWhat does it mean to perform an environmental scan? Process of continually