Adms 2200 Mid-Term Exam Prep
Marketing: the process of planning and executing of a product, its pricing, its promotion, and its distribution. In addition marketing attempts to manage customer relationships in ways that benefit the organization and its stakeholders. Marketing creates UTILITY (want-satisfying power of a good or service) through the exchange process. Time Utility – Availability of goods and services when people want them. Place Utility – Availability of goods and services at convenient locations. Ownership Utility – Ability to transfer title to goods and services from marketer to buyer. Form Utility – Conversion of raw materials and components into finished goods and services.
Four eras in the history of marketing: Production (prior to 1920s) – a product will sell itself Sales (prior to 1950s) – creative promotion will overcome consumers resistance and convince them to buy Marketing (Since 1950s) – The consumer rules! Find a need and fill it. Relationship (Since 1990s) – Focuses on building long-term, value-added relationships overtime with customers and suppliers. Marketing Myopia – the failure to recognize the scope of a company’s business. To avoid marketing myopia a firm must find innovative ways to reach new markets with existing goods and services. The five categories of non-traditional marketing are: Person – promotes a person Place – promotes a geographical area Cause – promotes a social issue, cause, or idea Event – promotes an event Organization – promotes an organization (not business) that seeks to influence others to accept their goals. (United Way, Red Cross, Amnesty International)
Creativity – the production of original ideas Critical Thinking – the process of determining the authenticity, accuracy, and worth of information, knowledge, claims, or arguments. Creativity and Critical Thinking are important to marketers because they generate new ideas and then use discipline to analyze the best course of action.
Interactive Marketing: Buyer-seller
Four eras in the history of marketing: Production (prior to 1920s) – a product will sell itself Sales (prior to 1950s) – creative promotion will overcome consumers resistance and convince them to buy Marketing (Since 1950s) – The consumer rules! Find a need and fill it. Relationship (Since 1990s) – Focuses on building long-term, value-added relationships overtime with customers and suppliers. Marketing Myopia – the failure to recognize the scope of a company’s business. To avoid marketing myopia a firm must find innovative ways to reach new markets with existing goods and services. The five categories of non-traditional marketing are: Person – promotes a person Place – promotes a geographical area Cause – promotes a social issue, cause, or idea Event – promotes an event Organization – promotes an organization (not business) that seeks to influence others to accept their goals. (United Way, Red Cross, Amnesty International)
Creativity – the production of original ideas Critical Thinking – the process of determining the authenticity, accuracy, and worth of information, knowledge, claims, or arguments. Creativity and Critical Thinking are important to marketers because they generate new ideas and then use discipline to analyze the best course of action.
Interactive Marketing: Buyer-seller