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V I SUA L chapter 1 1 & AU D I O STU DY CA R D Marketing Fundamentals Understand the focus of marketing and explain the marketing process. l The essence of marketing is to focus on consumer needs and to generate revenue, profits, or support for an organization. l The marketing process follows three main steps: (1) identifying consumer needs, (2) managing the marketing mix to meet consumer needs, and (3) realizing revenues or profits. l Marketers are responsible for bringing profits and revenues into the company. 4 Describe the evolution of different business philosophies and understand how marketing has evolved. l The evolution of marketing has progressed from a production orientation stage, to a sales orientation stage, to a marketing orientation stage, and finally to a relationship marketing stage. l Important areas of the relationship marketing stage are customer relationship management (CRM) and corporate social responsibility (CSR). Figure 1-2 customer value The unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-time delivery, and both before-sale and after-sale service The evolution of business philosophies exchange The trade of things of value between buyers and sellers so that each benefits corporate social responsibility (CSR) When organizations voluntarily consider the well-being of society by taking responsibility for how their businesses impact consumers, customers, suppliers, employees, shareholders, communities, the environment, and society in general customer relationship management (CRM) The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction marketing concept The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve organizational goals marketing orientation Focusing organizational efforts to collect and use information about customers’ needs to create customer value production orientation Focusing organizational efforts on the manufacture of goods relationship marketing When organizations create long-term links with customers, employees, suppliers, and other partners to increase loyalty and customer retention sales orientation Focusing organizational efforts on selling as many products as possible societal marketing concept Focusing on the consumer and the well-being of society marketing The process of planning goods, services, or ideas to meet consumer needs and organizational objectives. It includes the conception of these products and the pricing, promotion, and distribution programs designed to make a profit marketing process The process of (1) identifying consumer needs, (2) managing the marketing mix to meet these needs, and (3) realizing profits target market The specific group of existing and potential consumers to which a marketer targets its marketing efforts 2 l Define and analyze the marketing mix. The marketing mix, also known as the 4 Ps, consists of product, price, place, and promotion. Product refers to all the attributes that make up a good, a service, or an idea. Product elements include areas such as product design, product features, colour, packaging, warrantee, and service levels. Price refers to the retail-shelf price and sale price of a product. Place refers to the distribution channels and retailers required to sell the product. Promotion refers to the communication tools needed to communicate to consumers, such as advertising, sales promotion, public relations, direct marketing, and personal selling. l l l l Figure 1–1 The marketing process 1 Identify consumer needs 2 Manage the marketing mix to meet consumer needs 3 Realize profits for a company (or objectives for non-profit organizations) Production orientation 5 good A product you can touch and own idea A concept that typically looks for your support market Potential consumers with both the willingness and ability to buy service A good that is intangible, that you cannot touch 1960s Marketing orientation 1990s Relationship marketing orientation Discuss the latest marketing approaches. New and evolving marketing practices have surfaced in the areas of digital marketing, partnership marketing, experiential marketing, and metrics. experiential marketing Creating opportunities for consumers to directly interact with brands metrics Measures and monitors business performance through the collection and usage of data used to evaluate marketing programs partnership marketing The creation of formal associations between brands that will result in incremental business for both brands that could not have been achieved separately social media A form of online media that allows members to create their own network of friends and contacts to share comments, videos, and images as a form of self-expression 6 l Differentiate between goods, services, and ideas. Sales orientation l A logical process that focuses on consumer needs 3 1930s Summarize what careers exist in marketing. The starting point to a career in marketing is to get an education and, while studying, to create a network of business professionals to contact upon graduation.