Value Chain
This is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.
What is marketing?
Prior to the 1920s, most firms held this orientation, focusing on efficient processes to create quality products and reduce unit costs.
What is a production orientation?
These are states of felt deprivation — the lack of something useful or desirable like food, clothing, shelter, or safety. Marketers don't create them.
What are needs?
Product, price, place, and promotion together make up this — everything a firm can do to influence demand for its good, service, or idea.
What is the marketing mix (the four Ps)?
A name, term, symbol, design, or combination of these that identifies and differentiates a firm's products.
What is a brand?
An organization has created this when the benefit of the product or service equals or exceeds its cost.
What is value (customer value)?
As sales forces grew, firms shifted to this orientation, using personal selling and advertising to persuade consumers to buy more.
What is a sales orientation?
This is the form human needs take as they are shaped by personality, culture, and buying situation.
What are wants?
The specific combination of goods, services, or ideas that a firm offers to consumers — and the P the marketing mix typically begins with.
What is product?
A marketing strategy that consciously addresses customers, markets, and competition throughout the world.
What is global marketing?
Multiple companies directly linked by the upstream and downstream flows of products, services, finances, and information from a source to a customer.
What is the supply chain?
This idea — that a firm's long-term success requires a companywide effort to satisfy customer needs — emerged in the expansion era beginning in the early 1950s.
What is the marketing concept?
This occurs when a buyer and seller trade things of value so that each is better off as a result.
What is an exchange?
The amount of money, time, or effort a buyer exchanges with a seller to obtain a product — and typically the easiest mix element to change.
What is price?
This trade agreement relaxed trade restrictions between the United States, Canada, and Mexico — and is viewed both positively and negatively depending on circumstance.
What is NAFTA (the North American Free Trade Agreement)?
The part of supply chain management that plans, implements, and controls the flow of goods, services, and information between the point of origin and the final customer.
What is logistics?
His production line innovation and success with the Model A automobile represents the production-orientation era, when firms believed quality products would sell themselves.
Who is Henry Ford?
In the lecture's three-step chain, this is a want backed by buying power — the third term after needs and wants.
What is demand?
This P covers the activities a firm undertakes to make its product available to consumers; get it wrong and customers will simply find a substitute.
What is place (distribution)?
This organization publishes a thorough Code of Ethics that marketers are expected to read and adhere to.
What is the American Marketing Association?
This is the percentage of all new products that fail — a figure that stays remarkably consistent in both good and bad economic conditions.
What is over 80 percent?
This e-retailer is the textbook example of relationship marketing, using personalized product recommendations and delivery options to meet individual customer needs.
What is Amazon?
The total profit a firm earns from a customer over the life of the relationship — and the reason keeping a customer beats winning a new one.
What is customer lifetime value (CLV)?
Advertising, public relations, personal selling, and sales promotion are the four components of this P.
What is promotion?
Nonprofits employ nearly this many American workers, and kept hiring through the recession that began in late 2007.
What is 11 million?