MBA - 706 Darrat (Exam 1) answers
Marketing✔✔identifying and meeting human and social needs in a way that
harmonizes with the goals of the organization
Marketing Management✔✔the art and science of choosing target markets and
getting, keeping, and growing customers through creating, delivering, and
communicating superior customer value
Goods✔✔Physical goods constitute the bulk of most countries' production and
marketing efforts
Services✔✔As economies advance, a growing proportion of their activities focus on
the produc- tion of services
Events✔✔Marketers promote time-based events, including major trade shows,
artistic performances, and company anniversaries
Experiences✔✔orchestrating several services and goods, a firm can create, stage,
and market experiences
Persons✔✔Artists, musicians, CEOs, physicians, high-profile lawyers and financiers,
and other professionals often get help from marketers
Places✔✔Cities, states, regions, and whole nations compete to attract tourists,
residents, facto- ries, and company headquarters
Properties✔✔intangible rights of ownership to either real property (real estate) or
financial property (stocks and bonds)
Organizations✔✔Museums, performing-arts organizations, corporations, and
nonprofits all use marketing to boost their public image and compete for audiences
and funds
Information✔✔disseminated knowledge
Ideas✔✔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✔✔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✔✔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
New Company Capabilities:
-use the internet as a powerful information and sales channel, including for
individually differentiated goods.
-collect fuller and richer information about markets, customers, prospects, and
competitors.
-reach consumers quickly and efficiently via social media and mobile marketing,
sending targeted ads, coupons, and information.
-improve purchasing, recruiting, training, and internal and external communications.
-improve their cost efficiency.
New Competitive Environment:
-Deregulation
-Privatization
-Retail transformation
-Disintermediation
-Private labels
-Mega-bands
Holistic Marketing✔✔Concept is based on the development, design, and
implementation of marketing programs, processes, and activities that are based on
breadth and interdependencies.
Recognizes that everything matters in marketing and that a broad, integrated
perspective is often necessary.
Four components of holistic marketing are relationship marketing, integrated
marketing, internal marketing, and performance marketing
