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Marketing Quiz Study Guide

Marketing Quiz Study Guide - AllenCha Slides Chapter1:...

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Allen Cha Intro to Marketing Study Guide Slides Chapter 1: Introduction to Marketing Marketing:  The activity for creating, communicating, delivering, and exchanging offerings  that benefit its customers, the organization, its stakeholders, and society at large.  First & Second Tasks o  to discover the needs and wants of prospective customers  o  to satisfy them. Requirements: o Two or more parties with unsatisfied needs o Desire and ability to satisfy these needs o Way for parties to communicate o Something to exchange I) Needs, Wants, Demands i) Needs i.A) Feeling deprived of basic necessities ii) Wants ii.A) Human need defined by knowledge, culture and personality iii) Demands iii.A) Wants backed by buying power II) Exchange i) The act of obtaining a desired object for something in return so that both buyer  and seller is better of after the trade. i.A) core concept of marketing III) Transactions i) The unit of measurement IV) Markets i) People with both the desire and ability to buy a specific offering ii) Target market: specific groups of potential consumers toward which the  marketing program is directed iii) All markets are…ultimately…are people V) Products i) Good, service, or idea consisting of a bundle of tangible and intangible attribtues  that satisfies consumers’ needs ii) Received in echange for money or something else of value VI) Marketing Concept(vs. other philosophies) i) The idea that an organization should: i.A) Strive to satisfy the needs of consumers
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i.B) Achieve the organization’s goals ii) *Refer to VII/iv VII) Evolution of Market Orientation i) Production era i.A) Scarce goods (demand>supply) i.B) Buyers willing to accept virtually any goods available i.C) Product era (i.C.a) Focus on building a better product with little regard for customer  needs/wants ii) Sales era ii.A) Supply>Demand ii.B) Increased competition ii.C) Focused on finding buyers, selling unsought goods, and sales marketing iii) Marketing concept era iii.A) Marketing at the beginning of production cycle iii.B) Integrate marketing into each phase of business iii.C) Marketing orientation method (iii.C.a) Continuously collecting information about customers’ needs (iii.C.b) Sharing information across departments (iii.C.c) Using it to create customer value  iv) Customer relationship era iv.A) Firms seek continuously to satisfy the high expectations of customers iv.B) Establish a long mutually beneficial relationship with customers iv.C) Improving customer experience * Job of marketing managers: Facilitate exchange, transaction, and engage markets.
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