Marketing 7th Canadian Edition

1. Marketing7th Canadian Edition

2. 1

3. Define Marketing. Know the basic requirements for successful marketing to occur. Understand the breadth and depth of marketing. Explain how marketing discovers and satisfies consumer needs and wants.

4. Distinguish between marketing mix elements and environmental forces. Describe how market orientation focuses on creating customer value, satisfaction, and customer relationships. Explain why some organizations have transitioned from the market orientation era to the customer experience management era. Understand the meaning of ethics and social responsibility and how they relate to the individual, organizations, and society.

5. WHAT DOES THE TERM “MARKETING” MEAN TO YOU?

6. Marketing: Defined An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing is not “only” advertising, sales, promotion. Marketing is not manipulation Marketing is not self-serving; it is mutually beneficial.

7. What is a Market? Who Markets? What is Marketed? Who Buys and Uses What is Marketed? Customers Organizational Buyers Individuals Who Benefits? Consumers Society

8. Discovering Consumer Needs Consumer Needs and Consumer Wants What is the difference between a Need and a Want?

9. FIGURE 1-2 Marketing’s first task: discovering consumer needs

10. FIGURE 1-3 Marketing’s second task: satisfying consumer needs

11. Target market The Four Ps: Controllable Marketing Mix Factors Product Price Promotion Place

12. Production Era Sales Era Marketing Concept Era Market Orientation Era Customer Value Customer Satisfaction Customer relationship management (CRM) Customer lifetime value (CLV) eCRM Interactive marketing

13. FIGURE 1-5 Five different orientations in the history of North American business

14. Balancing the Interests of Different Groups Ethics Social Responsibility Societal marketing concept Macromarketing Micromarketing

15. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

16. A market is people with the desire and with the ability to buy a specific product. Market

17. Environmental factors are the uncontrollable factors involving social, economic, technological, competitive, and regulatory forces. Environmental Factors

18. One or more specific groups of potential customers toward which an organization directs its marketing program. Target Market

19. The marketing mix is product, price, promotion, and place. Marketing Mix

20. Customer value is the unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-timer delivery and both before-sale and after-sale service. Customer Value

21. The marketing program is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. Marketing Program

22. The marketing concept is the idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve the organization’s goals. Marketing Concept

23. An organization that has a market orientation focuses its efforts on continuously collecting information about customers’ needs and competitors capabilities, sharing this information across departments, and using the information to create customer value. Market Orientation

24. Customer relationship management is the process of identifying prospective buyers, understanding them intimately, and developing long-term perceptions of the organization and its offering so that buyers will choose them in the marketplace. Customer Relationship Management (CRM)

25. The societal marketing concept is the view that an organization should discover and satisfy the needs of its consumer in a way that also provides for society’s well-being. Societal Marketing Concept

26. Macromarketing looks at how the aggregate flow of a nation’s goods and services benefits society. Macromarketing

27. Micromarketing is how an individual organization directs its marketing activities and allocates its resources to benefit its customers. Micromarketing

28. Ultimate consumers are the people who use the goods and services purchased for a household. Ultimate Consumer

29. Organizational buyers are units such as manufacturers, retailers, or government agencies that buy goods and services for their own use of for resale. Organizational Buyers

30. The profit generated by the customer’s purchase of an organization’s product or service over the customer’s lifetime. Customer Lifetime Value (CLV)

31. The match between customer expectations of the product and the product’s actual performance. Customer Satisfaction

32. A Web-centric, personalized approach to managing long-term customer relationships electronically. eCRM

33. The moral principles and values that govern the actions and decisions of an individual or group. Ethics

34. Marketing designed to influence the behaviour of individuals in which the benefits of the behaviour accrue to those individuals or to the society in general and not to the marketer. Social Marketing

35. Individuals and organizations are part of a larger society and are accountable to that society for their actions. Social Responsibility

36. Managing the customers’ interactions with the organization at all levels and at all touch-points so that the customer has a positive impression of the organization, is satisfied with the experience, and will remain loyal to the organization. Customer Experience Management (CEM)

37. Marketing efforts to produce, promote, and reclaim environmentally sensitive products. Green Marketing

38. Involves two-way buyer–seller electronic communication in which the buyer can control the kind and amount of information received from the seller. Interactive Marketing

39. Close to 500 wineries in Canada Sale of 1 Litre of Canadian wine provides over $4 in added economic value to the Canadian economy. Wine sales in Canada are approaching $5 billion annually, and 40% of this total comes from Canadian brands. Stratus is a sustainable, innovative winery located in the heart of the Niagara wine country. Eco-winery philosophy and assemblage approach have helped the winery to produce quality wine and build a loyal customer base.

40. The Marketing Program A Marketing Program for Stratus Vineyards to continue to be an eco-friendly, sustainable premium winemaker that provides limited quantities of fine wine to discerning customers.

41. FIGURE 1-4 Marketing Program for Stratus Vineyards