Marketing Exam I Review

Marketing Exam I Review - Marketing Exam I Review Chapter 1...

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Marketing Exam I Review Chapter 1 – Initiating the Marketing Process Marketing: 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. o In ’07, ‘organizational function’ was modified to include all activities in a firm. o Key deliverable is VALUE Marketing Mix: “A set of processes for creating, communicating, and delivering and exchanging offerings that have value;” o Product – The goods, services, and ideas o Price – What is exchanged for the product o Place – Where consumers find the product A.K.A. distribution o Promotion – Communication Concept of Exchange o The trading of things of value between buyer and seller so that they are both better off after the trade. o Marketers can’t deliver value for their customer or society’s benefit without exchanges. o Must fulfill four factors: Two or more parties with unsatisfied needs A desire and ability on their part to be satisfied A way for the parties to communicate Something to exchange Consumer Needs vs. Wants o Needs – Occur when a person feels deprived of a basic necessity. o Wants – Manifestations of needs that are influenced by knowledge, culture, and personality. Accepted idea; marketing doesn’t create needs, but shapes wants. Market – People with both the desire and ability to buy a specific product. Target Market – One or more specific groups of potential consumers toward which an organization directs its marketing program. Environmental factors – uncontrollable factors involving o Social o Economic o Technological o Competitive o Regulatory forces Customer Value – the unique combination of benefits received by targeted buyers that include quality, price, convenience, on-time delivery, and both before-sale and after-sale service. Relationship Marketing – linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits.
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Marketing Program – A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyer. Evolution of the Market Orientation o Production Era – finished goods were scarce o Sales Era – produced, then sold to the public o Marketing Concept Era – idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization’s goals, which in turn (3) leads to higher profits. o Customer Era Market Orientation: focuses its efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value. Customer Relationship Management – the process of identifying
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This note was uploaded on 02/27/2008 for the course BCOR 2400 taught by Professor Rexmoody during the Spring '08 term at Colorado.

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Marketing Exam I Review - Marketing Exam I Review Chapter 1...

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