Marketing
Is the activities, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing and innovation
2 functions of business
Peter Drucker
The father of modern management
Marketing Mix
The set of controllable, tactical marketing tools that the firm blends to create value for customers and produce the response it wants from the target market
Product, Price, Place, Promotion, and Target Market
Marketing Mix
Product
The "goods-and-services" the company offers to the target market
Price
The amount of money customers have to pay to obtain the product
Place
Company activities that make the product available to target consumers
Promotion
Activities that communicate the merits of the product and persuade target customers to buy it
Profit
______________ is the surplus after all expense is deducted from revenue
Brand Personality
_______ _____________ Is a set of human characteristics that are attributed to a brand name.
Process
What is the firm's buying ____________?
Orientation
What is the customer firms purchasing ____________________?
Team
Who participates on the buying ___________?
New Task
The problem or need is totally different from previous experiences
Modified Rebuy
Decision makers feel there are benefits to be derived by reevaluating alternatives.
Straight Rebuy
The problem or need is a recurring or continuing situation
Step 1
Organizational Buying Process: Problem recognition
Step 2
Organizational Buying Process: General description of need
Step 3
Organizational Buying Process: Product specifications
Step 4
Organizational Buying Process: Supplier search
Step 5
Organizational Buying Process: Acquisition and analysis of proposals
Step 6
Organizational Buying Process: Supplier selection
Step 7
Organizational Buying Process: Selection of order routine
Step 8
Organizational Buying Process: Performance review
Purchasing
Entails the acquisition of resources and capabilities for the firm from outside providers.
Purchasing Orientation
Is the overall philosophy that guides managers who make purchasing-related decisions and delineates their domain and span of influence
Buying
Concerns executing discrete transactions with suppliers.
Procurement
Pursues quality improvements and cost reductions through the integration of purchasing with other functions and cooperative relationships with first-tier suppliers.
Supply Management
Entails the integration and coordination of purchasing with other functions in the firm and other firms in the value network
Initiators
Are those in the organization who recognize the need
Users
Are those that will use the product or service
Influencers
Help define specifications and provide information for evaluating alternatives
Deciders
Have formal power to select and approve potential suppliers
Approvers
Have the "sign-off" authority to move the acquisition forward
Buyers
Have formal authority to arrange terms of purchase
Gatekeepers
Control the flow of access and information