Log in to StudySoup
Get Full Access to KSU - MKTG 400 - Class Notes - Week 1
Join StudySoup for FREE
Get Full Access to KSU - MKTG 400 - Class Notes - Week 1

Already have an account? Login here
Reset your password

KSU / Marketing / MKT 400 / to serve both buyers and sellers marketing seeks to

to serve both buyers and sellers marketing seeks to

to serve both buyers and sellers marketing seeks to


How do Consumers Benefit?

Who buys and uses what is Marketed?

What is needed for Marketing to Occur?

MKGT 400 Ch 1 ∙ Exchange- which is the trade of things of value between a buyer and a seller  so that each is better off after the trade. ∙ Marketing - is the activity, set of institutions, and processes for creating,  communicating, delivering, exchanging offerings that have value for  customers, clients, partners, and society at large. ∙ To serve both buyers anWe also discuss several other topics like abdunces
If you want to learn more check out economic models are simplified versions of reality
We also discuss several other topics like gwu otd
Don't forget about the age old question of engr 3341
Don't forget about the age old question of cell biology notes for bsc
Don't forget about the age old question of fausci
d sellers, marketing seeks (1) to discover the needs  and wants of prospective customers and (2) to satisfy them The Diverse Elements Influencing Marketing  Actions? ∙ Although an organization’s marketing activity focuses on assessing and  satisfying consumer needs, countless other people, groups, and forces  interact to shape the nature of its actions. Foremost is the organization  itself, whose mission and objectives determine what business it is in and  what goals it seeks. Within the organization, management is responsible for  establishing these goals. The marketing department works closely with a  network of other departments and employees to help provide the customer satisfying products required for the organization to survive and prosper. ∙ The organization must strike a balance among the sometimes differing  interests of these groups. For example, it is not possible to simultaneously  provide the lowest-priced and highest-quality products to customers and pay the highest prices to suppliers, the highest wages to employees, and the  maximum dividends to shareholders. ∙ Finally, an organization’s marketing decisions are affected by and, in turn,  often have an important impact on society as a whole. What is needed for Marketing to Occur? ∙ For marketing to occur, at least four factors are required: (1) two or more  parties (individuals or organizations) with unsatisfied needs, (2) a desire and ability on their part to have their needs satisfied, (3) a way for the parties to  communicate, and (4) something to exchange ∙ Marketing occurs when the transaction takes place and both the buyer and  seller exchange something of value. In this case, you exchange your money  ($8.99) for the Domino’s Handmade Pan Pizza Discovering Consumer Needs ∙ The first objective in marketing is discovering the needs of prospective  customers. Marketers often use customer surveys, concept tests, and other  forms of marketing research to better understand customer ideas.∙ Sometimes, however, customers may not know or be able to describe what  they need and want. Personal computers, smartphones, and electric cars are all examples of this, in which case an accurate long-term prediction of  consumer needs is essential. Meeting Consumer Needs with New Products ∙ Market intelligence agency Mintel estimates that 33,000 new products are  introduced worldwide each month. In addition, studies of new-product  launches indicates that about 40 percent of the products fail ∙ Marketing should try and satisfy both consumer wants and needs ∙ Market- which is people with both the desire and the ability to buy a specific offering. All markets ultimately are people. Even when we say a firm bought  a Xerox copier, we mean one or several people in the firm decided to buy it. Satisfying Consumer Needs ∙ Because the organization obviously can’t satisfy all consumer needs, it must  concentrate its efforts on certain needs of a specific group of potential  consumers. ∙ Target Market- one or more specific groups of potential consumers toward  which an organization directs its marketing program. The 4 P’s ∙ Product. A good, service, or idea to satisfy the consumer’s needs. ∙ Price. What is exchanged for the product. ∙ Promotion. A means of communication between the seller and buyer. ∙ Place. A means of getting the product to the consumer ∙ Marketing mix example: For example, when a company puts a product on  sale, it is changing one element of the marketing mix—namely, the price.  The marketing mix elements are called controllable factors because they are  under the control of the marketing department in an organization. ∙ Customer Value Proposition- which is a cluster of benefits that an  organization promises customers to satisfy their needs. For example,  Walmart’s customer value proposition can be described as “help people  around the world save money and live better—anytime and anywhere.”  Michelin’s customer value proposition can be summed up as “providing  safety-conscious parents greater security in tires at a premium price.”∙ Environmental Forces- the uncontrollable forces that affect a marketing  decision, which consist of social, economic, technological, competitive, and  regulatory forces. Relationship Marketing ∙ Customer Value- is the unique combination of benefits received by targeted  buyers that includes quality, convenience, on-time delivery, and both before sale and after-sale service at a specific price. Firms now actually try to place a dollar value on the purchases of loyal, satisfied customers during their  lifetimes. For example, loyal Kleenex customers average 6.7 boxes a year,  about $994 over 60 years in today’s dollars. ∙ Many successful firms deliver outstanding customer value with one of three  value strategies: best price, best product, or best service. ∙ Relationship Marketing- which links the organization to its individual  customers, employees, suppliers, and other partners for their mutual long term benefit. Marketing Program and Market Segment ∙ Marketing Program- a plan that integrates the marketing mix to provide a  good, service, or idea to prospective buyers. ∙ Market Segment- which are relatively homogeneous groups of prospective  buyers that (1) have common needs and (2) will respond similarly to a  marketing action. Evolution of the Market Orientation ∙ BACKGROUND INFO::: Many American manufacturers have experienced  four distinct stages in the life of their firms.24 The first stage, the production era, covers the early years of the United States up until the 1920s. Goods  were scarce and buyers were willing to accept virtually any goods that were  available and make do with them.25 In the sales era from the 1920s to the  1960s, manufacturers found they could produce more goods than buyers  could consume. Competition grew. Firms hired more salespeople to find new buyers. This sales era continued into the 1960s for many American firms. ∙ Marketing Concept- is the idea that an organization should (1) strive to  satisfy the needs of consumers while also (2) trying to achieve the  organization’s goals. General Electric probably launched the marketing  concept and its focus on consumers when its 1952 annual report stated:  “The concept introduces…marketing…at the beginning rather than the end  of the production cycle and integrates marketing into each phase of the  business.”∙ Market Orientation- focuses its efforts on (1) continuously collecting  information about customers’ needs, (2) sharing this information across  departments, and (3) using it to create customer value. Customer Relationship Management ∙ Customer Relationship Management (CMR) - the process of identifying  prospective buyers, understanding them intimately, and developing  favorable long-term perceptions of the organization and its offerings so that  buyers will choose them in the marketplace. ∙ Customer Experience- which is the internal response that customers have to  all aspects of an organization and its offering. Social Responsibility ∙ While many ethical issues involve only the buyer and seller, others involve  society as a whole. For example, suppose you have the oil in your car  changed at a local oil change center. Is this just a transaction between you  and the service center? Not quite! The used oil and oil filter have potential  to contaminate the environment if they are not recycled, and contamination  represents a cost to society in terms of lost use of landfill space or eventual  cleanup of the discarded waste products. To reduce the social cost of  individual purchases today, many organizations use a variety of strategies  that range from pure philanthropy, to environmentally friendly and  sustainable practices, to creating “shared” value.32 These strategies  illustrate the issue of social responsibility, the idea that organizations are  accountable to a larger society. ∙ Societal Marketing Concept- the view that organizations should satisfy the  needs of consumers in a way that provides for society’s well-being. What is Marketed? ∙ Goods, services, and ideas ∙ Product- is a good, service, or idea consisting of a bundle of tangible and  intangible attributes that satisfies consumers’ needs and is received in  exchange for money or something else of value. Who buys and uses what is Marketed? ∙ Ultimate Consumer- are the people—whether 80 years or eight months old— who use the products and services purchased for a household. ∙ Organizational buyers- are those manufacturers, wholesalers, retailers,  service companies, not-for-profit organizations and government agencies  that buy products and services for their own use or for resale.Who Benefits? ∙ In our free-enterprise society, there are three specific groups that benefit  from effective marketing: consumers who buy, organizations that sell, and  society as a whole. How do Consumers Benefit? ∙ Utility- the benefits or customer value received by users of the product. This  utility is the result of the marketing exchange process and the way society  benefits from marketing. ∙ There are four different utilities: form, place, time, and possession

Page Expired
It looks like your free minutes have expired! Lucky for you we have all the content you need, just sign up here