Chapters 1-4 Study Guide

Chapters 1-4 Study Guide - MAR 3023-05: Basic Marketing...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
MAR 3023-05: Basic Marketing Concepts – Exam 1 Study Guide Note that some things like the components of the marketing mix appear in multiple chapters, but are listed here only once. Chapter 1: Overview of Marketing Definition of 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. Components of the Marketing Mix (4Ps) and be able to identify an example of a company’s marketing mix Product Price Promotion Placement what is important characteristics of a customer: 1) Desire 2) Ability Concept/elements of exchange The idea that people give up something to receive something they would rather have. Necessary conditions for an exchange: 1) At least two parties 2) Something of value 3) Communication and delivery 4) Freedom to reject or accept 5) Desire to deal with other party Given examples, be able to identify Production, Sales, Customer/Market, and Societal Marketing orientations Note that both sales and production have an internal focus, but if no sales are noted in the question, the firm is only focusing on its production capacity – this may not have been detailed in class. 4 Philosophies: 1) Production: Focus on Internal capabilities of firm. (no consideration of market) (ex.: Model T… one color) 2) Sales: Aggressive sales (= high sales and high profits). (Lack of understanding of market needs) 3) Marketing: Focus on satisfying customer needs and wants while meeting objectives. 4) Social Marketing: Focus on market needs and wants while enhancing individual and societal well-being. Note: A firm’s capabilities, such as production, are major considerations in strategic market planning. However, the guiding factor with all orientations should be the determination of what customers want, not what management thinks should be produced or sold. Notes: 1. A sales-oriented firm defines its business in terms of goods and services. A market-oriented firm defines its business in terms of the benefits sought by customers. 2. A market orientation does not always mean that the customers will receive what they want, such as tires that last for 100,000 miles for $25. Definition of the marketing concept
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/14/2008 for the course MAR 3203 taught by Professor Benedictus during the Fall '07 term at FSU.

Page1 / 7

Chapters 1-4 Study Guide - MAR 3023-05: Basic Marketing...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online