mkt307 midterm - Test 1 Marketing 307 1 Definte marketing...

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Test 1: Marketing 307 1. Definte marketing. How does marketing add value to an organization? Marketing is an organizational function and 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.  Marketing adds value by: 1) identifying what customers want 2) determining competitively advantageous positions for offerings in the  marketplace 3) implementing the marketing mix needed to attract customers and communicate  value to them 2. Market driven approach is classic, while a market driving approach is  alternative. 3. See #1 4. Compare and contrast the production concept, selling concept, and marketing- oriented approach 1. *production concept- assumed that businesses would achieve success by  manufacturing reliable, functioning products at a fair price 2. *selling concept- companies need to implement large-scale promotion and sales  efforts so that customers will buy products 3. market orientation approach- permeates whole organization, not just the marketing  department *= ignored customers' needs. 5. Describe 3 characteristics supporting a market-oriented approach. 1. Enhanced chance of success because understands customers' needs and shares  information across all departments 2. create customer value through satisfaction and quality 3. meet customer needs more effectively and better than competition. 6. Describe two limitations to the marketing oriented approach. 1. Development of truly breakthrough products can be different (research diffeicult -- > innovative products may go beyond the scope of what we're familiar with) 2. market opportunity can pass during over-analysis
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7. Define unility, and be able to describe spatial utility, knowledge utility, value  utility, temoral utility, and ownership utility. Utilities are need satisfying capabilities: 1. Spatial: overcoming the geographic spread between product/distribution point 2. knowledge: providing info that aids buyers 3. value- selling perceived benefits that exceed perceived 4. temporal: making the product available when buyer wants it 5. ownership: transferring ownership to ultimate buyers 8. Why is customer satisfaction important to marketers? A high level of customer satisfaction (customers concerned with how they're  treated more than with product) is important because it leads to high loyalty.  Marketers ultimitely want repeat customers.  10. Identify and describe the four elements of the marking mix 1. product 2. price 3. promotion 4. distribution 11. Distinguish among the elements of marketing's macro-environment and  micro-environment: 1. macro-environment: large external forces that impact an organization's decisions; 
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