Assignment 2: How Much Do I Know

Define Marketing?
a. the planning and executing of the conception, pricing, promotion, and distribution of ideas, goods, services, events or organization to satisfy individual and organizational objectives

b. the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives.

What is Utility?
a. No answer

b. the want-satisfying power of a good or service

Describe the exchange process.
a. No answer

b. Activity in which two or more parties give something of value to each other to satisfy perceived needs

What is the sales era?
a. Era in which firms focused on convincing customers to purchase a product even if they didnt need/want it.

b. "firms attempted to match their output to the potentail number of customers who would want it. They assume that customers will resist purchasing goods and services not deemed essential and that the task of personal selling and advertising is to convince them to buy."

What is the marketing era?
a. (since 1950's) began because of te existence of a buyers market following WW2. Firms focused on satisfying needs/wants.

b. "Organizational survival dictated that managers pay close attention to the markets for their goods and services. This trend ended with the outbreak of WW2, when rationing and shortages of consumer goods became commonplace. The war years however, created only a pause in an emerging trend in business: a shift in the focus from products and sales to satisfying customer needs........The advent for a strong buyers market created the need for consumer orientation by businesses. Companies had to market goods and services, not just produce and sell them."

What is the relationship era?
a. (since 1990's) Firms began to believe that longevity and success of a company is based on good relationships maintained with their suppliers and with their customers.

b. development and maintenance of long-term, cost effective relationships with individuals, customers, suppliers, employees, and other partners for mutual benefit


Extra Facts:

Production era?
when firms believed that a good product would sell itself and therefore they (the firms) focused solely on manufacturing and production of products.

conception of a product consists of improvements on an old product

market myopia - when a firm is confused about the scope of its business