MKT 6301
What is Marketing?
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
What is Marketing Management?
the art and science of choosing target markets and building profitable
relationships with them
Who said that "the aim of marketing is to make selling superfluous"?
Peter Drucker
What is required for an exchange to occur?
-There are 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 reject the exchange offer.
-Each party believes it is appropriate or desirable to deal with the other party.
What types of things are marketed?
Goods
Services
Events & Experiences
Persons
Places & Properties
Organizations
Information
Ideas
,What two parties make up a Simple Marketing System?
Industry (a collection of sellers) and Market (a collection of buyers)
What flows through a Simple Marketing System?
Goods/Services from Industry to Market
Money from Market to Industry
Information and Communication between both
What is a good example of a brand with a huge global market?
Coca-Cola
Name 5 Management Orientations/Philosophies
1. Production Oriented -
Focus on efficiency of internal operations
2. Product Oriented -
Focus on product quality & features
3. Sales/Selling Oriented -
Focus on aggressive sales techniques and believe that high sales result in high
profits
4. Marketing Oriented -
Focus on satisfying customer needs and wants while meeting organizational
objectives
,5. Societal Marketing Oriented -
Focus on satisfying customer needs & wants, meeting organizational objectives
while also enhancing individual & societal well-being
Name the Four P's
1. Product
2. Price
3. Place
4. Promotion
What is another term for the Four P's
Marketing Mix or the Four C's
Name the Four C's
1. Customer Solution
2. Cost
3. Convenience
4. Communication
Define human "need" in a marketing context
a state of felt deprivation in a person.
Define human "want" in a marketing context
'needs' shaped by culture & individual personality
, What is a Consumer Demand?
a want backed by purchasing power
What is a Product?
Anything that can be offered to a market for attention, acquisition, use or
consumption, that might satisfy a
want or need.
Name 4 Types of Environments influencing Marketing Strategy
1. Demographic
2. Technological/physical
3. Social/Cultural
4. Political/Legal
What is the Production Orientation?
-Focuses on improving production & distribution efficiency.
-One of the oldest orientations.
-Works mainly when demand > supply.
-Mass production, assembly line, etc.
-Assumes consumers favor products
that are available easily & affordable.
What is the Product Orientation
-Focuses on improving product features &
quality.
-"If you build a better mousetrap the world
will beat a path to your door.
What is Marketing?
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
What is Marketing Management?
the art and science of choosing target markets and building profitable
relationships with them
Who said that "the aim of marketing is to make selling superfluous"?
Peter Drucker
What is required for an exchange to occur?
-There are 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 reject the exchange offer.
-Each party believes it is appropriate or desirable to deal with the other party.
What types of things are marketed?
Goods
Services
Events & Experiences
Persons
Places & Properties
Organizations
Information
Ideas
,What two parties make up a Simple Marketing System?
Industry (a collection of sellers) and Market (a collection of buyers)
What flows through a Simple Marketing System?
Goods/Services from Industry to Market
Money from Market to Industry
Information and Communication between both
What is a good example of a brand with a huge global market?
Coca-Cola
Name 5 Management Orientations/Philosophies
1. Production Oriented -
Focus on efficiency of internal operations
2. Product Oriented -
Focus on product quality & features
3. Sales/Selling Oriented -
Focus on aggressive sales techniques and believe that high sales result in high
profits
4. Marketing Oriented -
Focus on satisfying customer needs and wants while meeting organizational
objectives
,5. Societal Marketing Oriented -
Focus on satisfying customer needs & wants, meeting organizational objectives
while also enhancing individual & societal well-being
Name the Four P's
1. Product
2. Price
3. Place
4. Promotion
What is another term for the Four P's
Marketing Mix or the Four C's
Name the Four C's
1. Customer Solution
2. Cost
3. Convenience
4. Communication
Define human "need" in a marketing context
a state of felt deprivation in a person.
Define human "want" in a marketing context
'needs' shaped by culture & individual personality
, What is a Consumer Demand?
a want backed by purchasing power
What is a Product?
Anything that can be offered to a market for attention, acquisition, use or
consumption, that might satisfy a
want or need.
Name 4 Types of Environments influencing Marketing Strategy
1. Demographic
2. Technological/physical
3. Social/Cultural
4. Political/Legal
What is the Production Orientation?
-Focuses on improving production & distribution efficiency.
-One of the oldest orientations.
-Works mainly when demand > supply.
-Mass production, assembly line, etc.
-Assumes consumers favor products
that are available easily & affordable.
What is the Product Orientation
-Focuses on improving product features &
quality.
-"If you build a better mousetrap the world
will beat a path to your door.
