distribution of ideas, goods, and services to create
EXCHANGES

processes for creating, communicating and delivering VALUE

People giving up something to receive something they would rather have.

1. At least two parties
2. Something of value
3. Communication and Delivery
4. Freedom to accept or reject
5. Desire to deal with other party

may not take place even if conditions are met

An agreement must be reached for...

Marketing occurs even if _____________ does not take place

Suppose you place an ad in your local newpaper, stating that your used automobvile is for sale at a certain price. Several people call you to ask about the car; some may test drive it; and one or more may even make you an offer....unless you reach an agreement with the buyer and actually sell car...

what are the four marketing management philosophies?

internal capabilities of the firm

aggressive sales techniques and belief that high sales result in high profits

satisfying customer needs and wants while meeting objectives

satisfying customer needs and wants while enhancing individual and societal well-being

Field of Dreams orientation
“If you build it, they will come.”
Doesn’t consider if what is produced meets market needs

Selling = Collecting Money
Disregards market needs and consumer demand.
Failing to recognize what the customer wants leads to business failures
Dot-com busts in late 1990’s

Focusing on customer wants and needs to distinguish products from competitors’ offerings. Integrating all the organization’s activities to satisfy these wants. Achieving the organization’s long-term goals by satisfying customer wants and needs legally and responsibly

An organization exists not only to satisfy customer wants but also to preserve or enhance individuals’ and society’s long-term best interests.

The societal marketing concept considers society's long term best interest along with the satisfaction of customers wants and needs

Less toxic products
More durable products
Products with reusable or recyclable
materials

What can we make or do best?

How can we sell more aggressively?

What do customerswant and need?

What do customers want/need, and how can we benefit society?

What are the five differences between sales and market orientations?

the relationship between benefits and the sacrafice necessary to obtain those benefits

customers evaluation of a good/service in terms of whether it has met their needs and expectations.

what are some of the external forces pushing against the market?

what are some social factors?

Peoples social factors (attitudes, values and lifestyles) influence what four things?

marketers can best reach Millinea members through television and magazine advertising.

_______________are America’s largest minority group

what are some demographic factors that affect the American Household?

What are some economic factors affecting the American household?

A measure of the decrease in the value of the money, expressed as the percentage reduction in value since the previous year.

A comparison of the relative cost of a set standard of goods and services in different geographic areas.

Increased __________ of _________ are a function of purchasing power.

What are the four competitive forms?

one company has a product that has no close substitute

few companies control the market

many competitors, but a company can differentiate it's product

Large number of sellers without any one influencing price or supply

Sherman Act
Clayton Act
Federal Trade Commission Act
Celler-Kefauver Antimerger Act
Hart-Scott-Rodino Act

Robinson-Patman Act

Protects consumer safety in and around their homes

Wheeler-Lea Act

also known as gross pay, is an individual's total pay before taxes or other deductions

income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes

income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items.

a statistical measure of consumers' feelings about current and future economic conditions, used as an indicator of the overall state of the economy.

Prevents unfair methods of
competition in commerce

Enforces safety regulations for food and drug products

What are the three regulatory agencies most directly and actively involved in marketing affairs

for marketing to be accomplished than it must permeate the entire________.

Global marketers face the same environmental factors as they do domestically:

Cultural considerations include

A country’s economic and technological status depends on its

The political structure is shaped by

Demographic variables include

the theory or practice of shielding a country's domestic industries from foreign competition by taxing imports

a tax or duty to be paid on a particular class of imports or exports.

a limited or fixed number or amount of people or things, in particular.

legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.

deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible

Worlds most important free trade zones.
28 European companies

an agreement between Canada, the US, and Mexico that created the worlds then largest free trade zone.

What are the four aspects of culture?

the study of signs and symbols and their use or interpretation.

can be defined as the procedure according to which a translator or team of professional translators interpret a document previously translated into another language back to the original language.

Consumers may believe that it is not appropriate, and possibly even immoral, to buy products from other countries.

What are the four global market entry strategies?

selling domestically produced products to buyers in other countries

means selling to an intermediary, who in turn sells your products either directly to customers or to importing wholesalers

a situation in which a company sells its products directly to customers in another country without using another person or organization to make arrangements for them, or a product that is sold in this way

a manufacturer that contracts with a firm for components or products.

A company may outsource the manufacture of certain components for the product or outsource the assembly of the product.

Arrangement where one party (the franchiser) grants another party (the franchisee) the right to use its trademark or trade-name as well as certain business systems and processes, to produce and market a good or service according to certain specifications

when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity

refers to an investment in a foreign business enterprise designed to acquire a controlling interest in this enterprise.

is the strategy of placing an established product's brand name on a new product that is in the same category.

alter a basic product to meet local conditions.

Creating a new product or drastically changing an existing product

the legal process whereby a licencor allows another firm to use it's manufacturing process, trademarks, patents, trade secrets or other proprietary knowledge

what are the four p's of marketing?

the price of one country's currency in terms of another countrys currency

Adequate ________ is necessary for success in global markets

Lack of _____________infrastructure and cultural differences create problems

Innovative distribution systems can create ______________ ________________

Must consider transportation and insurance costs, taxes and tariffs
Determine what customers will spend
Ensure that foreign buyers will pay price
May need to simplify a product to lower price
Don’t assume that low-income countries are willing to accept lower quality

Trying to increase an overseas market share. Temporarily distributing products to overseas markets to offset slack demand at home. Lowering unit costs by exploiting large-scale production. Attempting to maintain stable prices during periods of exchange rate fluctuations

_______ is considered to be the sale of an exported product at a price lower than that charged for the same or like product in the exporter’s home market

This is regarded as price discrimination that can harm the importing nation’s competing industries

may occur as a result of business strategies that include the points listed above.

A form of trade in which all or part of the payment for goods or services is in the form of other goods or services.

A common type of counter trade is _______________ ___________.

A second form is the compensation agreement where a company provides technology and equipment for a plant, and agrees to take full or partial payment in goods produced by that plant.

Why should marketing managers understand consumer behavior?

what are the components of the consumer decision making process?

what are the types of consumer buying decisions?

what is the significance of consumer involvement in marketing?

what are the influencing factors of the consumer decision process?

Processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and the product use.

Any unit of input affecting one or more of the five senses:
sight
smell
taste
touch
hearing

the thought, action, or motivation that incites a person to consider a purchase

________include physical cues, social cues, and commercial cues

When a current product isn’t performing properly
When the consumer is running out of a product
When another product seems superior to the one currently used

Recall information in memory

Seek information in outside environment
Nonmarketing controlled
Marketing controlled

Less Risk
More knowledge
More product experience
Low level of interest
Confidence in decision

More Risk
Less knowledge
Less product experience
High level of interest
Lack of confidence

Group of brands, resulting from an information search, from which a buyer can choose

Consumers will:
Analyze product attributes
Use cutoff critera
and Rank attributes by importance
during the.....

Seeking information that reinforces positive ideas about the purchase
Avoiding information that contradicts the purchase decision
Revoking the original decision by returning the product

Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.

what are the three consumer buying decisions and state their involvement.

what are the five factor that determine the level of consumer involvement?

During high involvement purchases the marketing is involved...

During low involvement purchases require

what are the four types of factors influencing a consumers choice to buy?

Set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next.

Values
language
myths
customs
rituals
laws
and material artifacts
are all components of

A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms.

what are five measurements of social class?

Indicates which medium to use for advertising
Helps determine the best distribution for products

What three areas affect our social influences?

Initiators
Influencers
Decision Makers
Purchasers
Consumers
are all roles within the _______ who influence our buying habits.

gender, age life cycle and personality/ self-concept are all three __________ influences

perception
motivation
learning
beliefs & attitudes
are all __________ influences

Process by which people select, organize, and interpret stimuli into a meaningful and coherent picture.

A method of classifying human needs and motivations into five categories in ascending order of importance.

physiological needs
safety needs
social needs
esteem needs
self actualization needs

An experience changes behavior
Type of learning

Not learned through direct experience
Type of learning

An organized pattern of knowledge that an individual holds as true about his or her world.

A learned tendency to respond consistently toward a given object.