Essay on Marketing Study Guide

Submitted By watermellon123
Words: 1960
Pages: 8

Fall 2013
Test 1 Study Guide

Chapter 1
More than selling and advertising
Involves pricing, distribution, etc.
Begins with needs
Involves exchanges
Builds relationships
Such as partnerships

Keys to becoming a more focused marketer
Cannot be a mass-marketer
Know your customer
Market info, know as much as you can
Make the products they want
Use targeted and new media
Use non-media to reach the customer
Sponsorships (arenas, tournaments, organizations, sports, etc.)
Reach the customer in the store
Sharpen your promotions
Work with retailers
Remain flexible with your targets

Marketing failures
1st mass-marketed non-alcoholic beer
“Baby beer”
New Coke (1985)
Pulled classic Coke from shelves
Crystal Pepsi
Gerber Singles
Fab One Shot
Too targeted, targeted wrong area
Susan B. Anthony dollars
Was actually a coin
Arch Deluxe
Targeted to adults

Criticisms of marketing
Deceptive, annoying, offensive
Marketing products that are dangerous or cause social problems
Ex: guns
Makes people materialistic/too many unnecessary products
Packaging and labeling are confusing and deceptive
Intermediaries don’t add value
Wholesaler and retailer
There is too much
Too many commercials, flyers, etc.

Marketing – AMA definition
Performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to customer or client
AMA = American Marketing Association

Individual firms
Ex: what Wofford does to market itself
Social process
Society’s point of view
Directs flow of goods and services
Micro-Macro dilemma
What may be good for an individual firm may not be good for society
Economic systems (command, market directed)
Tariffs and quotas
Marketing ethics and social responsibility

AMA Code of Ethics
Excerpt: “participants in the marketing exchange process should be able to expect that:
Products and services offered are safe and fit for their intended uses
Communications about offered products and services are not deceptive;
All parties intend to discharge their obligations, financial and otherwise, in good faith; and
Appropriate internal methods exist for equitable adjustment and/or redress of grievances concerning purchases…”

Discrepancies and separations
Macro-marketing activities help address these
Discrepancies of quantity
Economies of scale
Discrepancies of assortment
Spatial separation
Separation in time
Separation of information
Separation in values
Separation of ownership
Universal functions of marketing (listed in the text) help overcome these discrepancies and separations

Parties to marketing
The producer
Marketing collaborators
Ex: e-commerce

Eras in marketing evolution
Simple trade era
Farmers selling excess
Production era
Factories sprang up, larger scale
Sales era
Great Depression
Focus on selling products
Marketing department era
Marketing company era
“Every company should be a marketing company”

Marketing concept
Customer orientation and satisfaction
Total company effort
Profit or some other measure

Customer value
Trade off – benefits and costs (economic and non)
Customer satisfaction
Confirmation/disconfirmation paradigm
Positive disconfirmation = better than expected
Negative disconfirmation = evolution falls short

Non-profit types
Religious, governmental, educational, philanthropic, social causes

Challenges in non-profit marketing
Multiple publics
Government influence
May be attempting to change people’s behavior
Benefits are more difficult to convey
Less control over promotional activities

Marketing strategy for non-profits
Broadening concept
Identify opportunities
Segment markets and positioning
Target market and marketing mix

Chapter 2
The 4