exam 1 review - Chapter 1 1 Needs wants demand a Needs...

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January 15, 2007 Chapter 1 1) Needs, wants & demand a) Needs – basic – when acted upon by social & cultural forces become wants. b) Wants – when backed up by purchasing power become demand c) Demand – how much you are willing to spend on your wants 2) Marketing Concept a) Product Orientation i) Belief: a quality product sells itself (Better mouse trap fallacy) ii) Problem: Ignores the customer b) Production Orientation i) Belief: mass production, efficiency, low prices (Henry Ford) ii) Problem: Ignores the customer c) Sales Orientation i) Belief: Consumers resist buying inessential product & you have to convince them to buy it. (Advertising, hard selling) ii) Problem: Customer comes at the end of the process. d) Marketing Concept i) Belief: business begins with the customer. Companies must understand consumers’ needs & products are an outcome of this. ii) Problem: Customers can only give marginal ideas for new products. e) Relationship Concept f) Societal Marketing Concept – Consumer, Company, Society 3) Marketing Myopia - managements failure to recognize the scope of their business a) Ted Levitt b) Creative Destruction c) Companies tend to be product focused, not customer focused 4) Customer Orientation a) Market research i) Products that customers need ii) Rewards iii) Branding iv) Training employees v) Senior management involvement vi) 800 numbers 5) Disney movie a) Employee training Chapter 3 6) Economic Environment a) Growth i) Demand high ii) Price sensitivity low iii) New product introduction high b) Decline i) Demand low ii) Price sensitivity high
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