MBA - 706 Darrat (Exam 1)
Marketing - ANSWER-identifying and meeting human and social needs in a way
that harmonizes with the goals of the organization
Marketing Management - ANSWER-the art and science of choosing target
markets and getting, keeping, and growing customers through creating,
delivering, and communicating superior customer value
Goods - ANSWER-Physical goods constitute the bulk of most countries'
production and marketing efforts
Services - ANSWER-As economies advance, a growing proportion of their
activities focus on the produc- tion of services
Events - ANSWER-Marketers promote time-based events, including major trade
shows, artistic performances, and company anniversaries
Experiences - ANSWER-orchestrating several services and goods, a firm can
create, stage, and market experiences
Persons - ANSWER-Artists, musicians, CEOs, physicians, high-profile lawyers
and financiers, and other professionals often get help from marketers
Places - ANSWER-Cities, states, regions, and whole nations compete to attract
tourists, residents, facto- ries, and company headquarters
Properties - ANSWER-intangible rights of ownership to either real property (real
estate) or financial property (stocks and bonds)
Organizations - ANSWER-Museums, performing-arts organizations,
corporations, and nonprofits all use marketing to boost their public image and
compete for audiences and funds
, Information - ANSWER-disseminated knowledge
Ideas - ANSWER-organizations promote causes focused on issues such as
poverty, climate change, civil rights, social justice, racial discrimination, gender
inequality, health care availability, and child-
hood obesity.
4 Major Market Forces - ANSWER-Technology: Massive amounts of information
and data about almost everything are now available to both consumers and
marketers.
Globalization: Geographic and political barriers have been eroded as advanced
telecommunication technologies and workflow platforms that enable all types of
comput- ers to work together continue to create almost limitless opportunities for
communication, collabora- tion, and data mining.
Physical Environment: Climate change—a term referring to lasting changes in
Earth's global climate as well as changes in regional climates—can have a
significant impact on a company's business activities. Health conditions-range
from short-term illnesses that are confined to a particular geographic area to
pandemics that spread across the globe. Changes in health conditions can
influence not only the operations of pharmaceutical, biotechnology, and health
management companies but also companies that are not directly related to
health care.
Social Responsibility: Because marketing's effects extend to society as a whole,
marketers must consider the ethical, environmental, legal, and social context of
their activities.
3 Key Marketing Outcomes - ANSWER-New Consumer Capabilities:
-online resources as a powerful information and purchasing aid
-mobile connectivity to search, communicate, and purchase on the go
-tap into social media to share opinions and express loyalty
-actively interact with companies
-reject marketing they find inappropriate or annoying
-extract more value from what they already own
