Marketing Fundamentals Chapter 1
what must be created in order for an organization to survive - ANS-Utility
conversion of raw materials into finished goods and services - ANS-Form
availability of goods and services when consumers want them - ANS-Time
the availability of the product to the customer at the desired time and location - ANS-Place
ability to transfer title to goods or services from marketer to buyer - ANS-Ownership
(Possession)
activity, set of institutions, and processes for creating communicating, delivery, and exchanging
offerings; managing customer relationships in ways that have value for customers, clients,
partners, and society at large - ANS-Marketing
increase in international trade agreements, growth of electronic business, interdependence of
the world's economies - ANS-Factors That Have Extended Economic Views
1. Production
2. Sales
3. Marketing
4. Relationship
5. Social - ANS-Five Eras of Marketing History
focus was on production orientation - ANS-Production Era
focus was on sales orientation - ANS-Sales Era
focus was consumer orientation - ANS-Marketing Era
focus was on relationship marketing - ANS-Relationship Era
focus was marketing via the Webb and social networking sites - ANS-Social Era
acquire goods and services on a continuing basis to fill certain needs - ANS-Consumers
management's failure to recognize the scope of its business - ANS-Marketing Myopia
can overcome myopia - ANS-Focusing on Customer Need
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