...1: Defining Marketing for the 21st Century GENERAL CONCEPT QUESTIONS Multiple Choice 1. Good marketing is no accident, but a result of careful planning and ________. a. execution b. selling c. strategies d. tactics e. research Answer: a Page: 4 Level of difficulty: Medium 2. Marketing is both an “art” and a “science”—there is constant tension between the formulated side of marketing and the ________ side. a. creative b. selling c. management d. forecasting e. behavior Answer: a Page: 4 Level of difficulty: Easy 3. The most formal definition of marketing is ________. a. meeting needs profitably b. identifying and meeting human and social needs c. the 4Ps (Product, Price, Place, Promotion) d. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders. e. improving the quality of life for consumers Answer: d Page: 6 Level of difficulty: Medium 4. Marketing management is ________. a. managing the marketing process b. monitoring the profitability of the companies products and services c. selecting target markets d. developing marketing strategies to move the company forward e. the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value Answer: e Page: 6 Level of difficulty: Easy 1 Part 1: Understanding Marketing Management ...
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...Defining Marketing Terry Green MKT/421 10-06-12 Dr. Bea B. Bourne Defining Marketing Marketing originated when people started trading products and goods. Marketing is one of the key components of running a successful business. Like most industry’s marketing has evolved over time and is more available than years past because of the Internet. Understanding how marketing works along with developing a good marketing strategy is vital for businesses or organizations, who aim for successful in the marketing industry. A personal definition of marketing is an individual or a team that implements a strategy to maximize the sale of products, by creating new customers, and keeping existing customers happy. Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to customer or client (Perreault, Cannon, & McCarthy, 2011). According to American Marketing Association (2012), marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Based on the above-mentioned definitions marketing is currently, and has played a significant role in how products are sold throughout the world. In today’s markets organizations are marketing people, or entire organizations along with the products they...
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...determine your recommendation to Larry. State which research will be most helpful in assessing these considerations. What are the limitations of the data in assessing these considerations? We are seeking help creating a marketing plan for either or both of these programs. We are specifically interested in obtaining help defining our target market; setting pricing; and identifying our marketing strategies. I would be happy to supply any additional information that you might need to determine if this is project holds interest for you. * Mocks are 45 minute appointments: 12-15 minutes is on camera, with 30 minutes of feedback as you and your interviewer watch and comment on the recording. * Remember to wear business attire and prepare for your mock interview. Use Interview Stream to prepare. You can find it on the CMC website under Interviews. * If you are not returning to your summer internship employer, practice being positive about the experience and why you are looking at other things. Make an appointment with a coach to brainstorm before the mock, if this is an area of concern. * Since low-income schools frequently include a high percentage of minority students, this program will address our emphasis on providing quality 21st century science and math instruction to minority students. For the past few months we have worked with our board to create a plan for a new program that will continue to address our mission while expanding the number of students...
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...qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwer...
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...Cultural 5 3. Economic 6 IV - Conclusion 6 V - References: 6 I - Introduction KFC, which has full name as Kentucky Fried Chicken, is one of well-known fast food brand names in the world due to their effective marketing strategies. To create good marketing strategies, KFC needs to understand the market by conducting a market research and collecting information about micro and macro environment. Therefore, they can influence factors in the micro environment and respond to potential macro environmental factors that can affect to them within next 12 months in Australia. This report focuses on marketing concepts which explain micro and macro environment. These key marketing concepts will be analysed and explain how KFC applied into their strategies. This report is based on academic resources such as marketing lecture notes of Insearch, text books of Philip Kotlers and academic online resources. II - Micro Environment Micro environment is examined as an environment in which the company can indirectly influence such as customers, partners, competitors and industry. For each factor, the company need to have suitable strategies to affect. 1. Customers Under marketing concepts of Philip Kotler (Marketing Management, Defining marketing for the 21st century, Philip Kotler), customers are determined as people who purchase product and they may or may not use that product for themselves. Besides, Kotler states that customers are centred instead of products. The company need to...
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...Words: 1586 Explain the relevance of the Marketing Concept to the 21st Century business of your choice? This essay will explain the relevance of the Marketing Concept to the 21st century business the Body Shop International plc. As well this will observe how Anita Roddick successfully adapted marketing concept to the Body Shop by creating satisfied happy customers and company goal achievement. There have been a growing number of companies over the years which influenced the increasing density of the business, different marketing concept have used to boost the businesses. Many of authors have found different ways to customise marketing concepts and one of the earliest famous people suggested, that the defining characteristic “the marketing concept holds that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do” (Kotler and Armstrong 2010, p.34) The above term shows that without customers, there is no sale. Without satisfied customers, there is no profit. Without delighted customers, there is no repeat business, as “companies achieve their profit and other objectives by satisfying (even delighting) customers” (Jobber 2007, p. 4) To apply this concept, three conditions should be met: 1. Company activities should be focused upon providing customer satisfaction rather than, for example, producer convenience. 2. The achievement of customer satisfaction relies on integrated...
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...Airlines Marketing MKT/571 March 17, 2012 Classic Airlines Classic Airlines is facing a tough situation. The cost of labor and fuel has been increasing over the years and the top executives are having a hard time trying to figure out how to cut costs to afford these increases as well as keeping up with providing the best services for their customers without having to cut costs in that area. One of the services that Classic Airlines has for their customers is their Frequent Flier Program. This reward program is a product that Classic provides their customers which serves them benefits when flying their airline. This is a service that is offered by Classic to try and persuade new customers to using their airlines. So what Classic is marketing is a combination of a product and a service. (Kotler & Keller, 2006) The challenges that the airline is facing is trying to keep the cost of fuel and labor down whilst trying to restructure and improve their rewards programs for their customers. One of the recommendations that was given to the airline was to set up a fuel hedge which would cut costs by 12%. The executives are looking for a 15% cut which now unfortunately does not allow any room to improve their rewards programs because they have no money to spare. Classic is also facing tough competition from their competitors that are doing better financially and are able to spare some costs to fix up their customer oriented services. In the Marketing aspect of...
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...Social media; Traditional media; Online ecosystems; Marketing communications; Marketing metrics; Consumer engagement and interaction Abstract Consumers are adopting increasingly active roles in co-creating marketing content with companies and their respective brands. In turn, companies and organizations are looking to online social marketing programs and campaigns in an effort to reach consumers where they ‘live’ online. However, the challenge facing many companies is that although they recognize the need to be active in social media, they do not truly understand how to do it effectively, what performance indicators they should be measuring, and how they should measure them. Further, as companies develop social media strategies, platforms such as YouTube, Facebook, and Twitter are too often treated as stand-alone elements rather than part of an integrated system. This article offers a systematic way of understanding and conceptualizing online social media, as an ecosystem of related elements involving both digital and traditional media. We highlight a best-practice case study of an organization’s successful efforts to leverage social media in reaching an important audience of young consumers. Then, we conclude with several insights and lessons related to the strategic integration of social media into a firm’s marketing communications strategy. # 2011 Kelley School of Business, Indiana University. All rights reserved. 1. Marketing myths revealed Consumers are no...
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...1 1 Defining Marketing for the 21st Century What is Marketing? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-2 What is Marketing Management? Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-3 What is Marketed? • Goods (products) • Services • Events • Experiences • Persons • Places • Properties • Organizations • Information • Ideas Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-4 Marketing Can Promote Ideas 1-5 Selling is only the tip of the iceberg “There will always be a need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available.†Peter Drucker 1-6 The Basic Profit Equation Profit = Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-7 The Basic Profit...
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...Classic Airlines and Marketing Paper 10/02/2012 Classic Airlines and Marketing Paper Classic Airlines is the world’s fifth largest airline. Because of the recent increase in terrorism customers have been reluctant to flying causing the stock of the company to be affected. The main challenge Classic Airlines faces is how to increase the members in its frequent flier program to show a profit. If Classic cannot increase its sales from the frequent flyer program the company will not succeed and continue to be a leader. The management for Classic Airlines will also need to find a way to keep existing members and increase the new members in their reward program. Additionally, Classic’s board of directors has mandated a 15% for the whole company. This paper will take some of the concepts learned this week and apply them to the Classic Airlines scenario. The Chief Marketing Officer, Kevin Boyle has the tasks of restructuring the Classic Rewards Program. In the text Kotler and Keller (2006), identify marketing management tasks that can be implemented by Classic Airlines. The tasks are to develop a strategy or plan, get insights into marketing, build customer relations, create strong brand marketing, market offerings, convey value, and lastly to create long term growth. I believe by implementing these tasks Classic Airlines will be able to improve customer satisfaction and loyalty, employee morale that will improve sales. The text states in general customers compare...
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...Individual Assignment Classic Airlines and Marketing Shaquita V. Stewart MKT/571-Marketing Professor, Robert Barnet During the commencement of this course we have has the opportunity to acquire knowledge and insight to many different key aspects and concepts of marketing. In this brief we shall discuss the Classic Airlines scenario, consider the product (i.e. Classic Rewards Program) and service (i.e. Quality Airline Travel) that the company is marketing, while reflecting on what marketing challenges Classic is facing in addition to the corporate culture. Marketing concepts found in the week one reading assignments will also be discussed in their relation to the contents of Classic as both and institution and a brand. Upon review of Classic’s overview, overall, the airline is fairly profitable. The challenge comes in the face of waning consumer confidence; “Loyal customers [are] jumping ship and the ones still aboard seemed to be flying less frequently -- or at least less frequently with Classic Airlines.”1 Rising Costs of fuel and labor are also challenges that Classic faces; “[limiting] Classic‘s ability to compete for the valued frequent flier.” Classic, like many of its competitors overestimated the reversal of the travel downturn. that followed September 11th 2001. Having expanded too quickly, Classic now faces a restrictive cost structure that younger airlines do not. Moreover, to counter...
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...Unit outline of M 501 @ IBA Course Title: Marketing Theory and Practices: M 501 Course Instructor: Dr. Md. Ridhwanul Haq Ph.D (University of Western Sydney) MBS (The Australian National University) Post Graduate Diploma in Training and Teaching (Aus-training, Sydney) MBA and BBA (University of Dhaka) An introduction of this unit Marketing is a discipline concerned with the creation of ‘value’ and exchange of ‘values’ between marketers and their customers. Marketing helps to increase the value of organizations and their clients. Furthermore, managing the marketing is about handling and implementing updated tools and technique in business world. It is a dynamic and highly stimulating field of contemporary business studies. It has been defined as the business function that determines customer needs, identifies target markets that the company can serve better than its competitors, designs marketing strategy and develops plans and programs to serve these markets effectively and efficiently. Since the basic purpose of business "is to create a customer", the way to grow a business is through marketing. Marketing is therefore often equated with creativity and viewed as one of the most important functions in business. Approach of teaching The way that the Marketing Management unit has been developed emphasizes the importance of ‘dialogue’ (through regular collaboration and discussion) as essential to effective learning. We...
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...Defining Marketing for the 21st Century Chapter Questions Why is marketing important? What is the scope of marketing? What are some fundamental marketing concepts? How has marketing management changed? What are the tasks necessary for successful marketing management? Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-2 What is Marketing? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-3 What is Marketing Management? Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-4 What is Marketed? • Goods • Services • Events • Experiences • Persons Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-5 What is Marketed? • Places • Properties • Organizations • Information • Ideas Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-6 Demand States Negative Nonexistent Latent Declining Irregular Unwholesome Full Overfull Copyright © 2011 Pearson Education, Inc. Publishing as Prentice...
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...Unit outline of M 501 @ IBA Course Title: Marketing Theory and Practices: M 501 Course Instructor: Dr. Md. Ridhwanul Haq Ph.D (University of Western Sydney) MBS (The Australian National University) Post Graduate Diploma in Training and Teaching (Aus-training, Sydney) MBA and BBA (University of Dhaka) An introduction of this unit Marketing is a discipline concerned with the creation of ‘value’ and exchange of ‘values’ between marketers and their customers. Marketing helps to increase the value of organizations and their clients. Furthermore, managing the marketing is about handling and implementing updated tools and technique in business world. It is a dynamic and highly stimulating field of contemporary business studies. It has been defined as the business function that determines customer needs, identifies target markets that the company can serve better than its competitors, designs marketing strategy and develops plans and programs to serve these markets effectively and efficiently. Since the basic purpose of business "is to create a customer", the way to grow a business is through marketing. Marketing is therefore often equated with creativity and viewed as one of the most important functions in business. Approach of teaching The way that the Marketing Management unit has been developed emphasizes the importance of ‘dialogue’ (through regular collaboration and discussion) as essential to effective...
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...DEFINING THE MARKETING FOR THE 21ST CENTURY 1 C H A P T E R _________________________________________________________________________ INTRODUCTION Change is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today. Continuing today’s strategy is risky; so is turning to a new strategy. Therefore, tomorrow’s successful companies will have to heed three certainties: ➤ Global forces will continue to affect everyone’s business and personal life. ➤ Technology will continue to advance and amaze us. ➤ There will be a continuing push toward deregulation of the economic sector. These three developments—globalization, technological advances, and deregulation— spell endless opportunities. But what is marketing and what does it have to do with these issues? These three developments—globalization, technological advances, and deregulation— spell endless opportunities. But what is marketing and what does it have to do with these issues? Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably.” Whether the marketer is Procter & Gamble, which notices that people feel overweight and want tasty but less fatty food and invents Olestra; or CarMax, which notes that people want more certainty when they buy a used automobile and invents a new system for selling used cars; or IKEA, which notices that people want good furniture at a...
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