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fall 07 final exam Study Guide Answers

fall 07 final exam Study Guide Answers - Iterms to recall...

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Iterms to recall from precious exams 1. Define marketing. How does marketing add value to an organization? Marketing is an organizational function and a set of process for creating, communicating, and delivering values to customers and for managing customer relationships in ways that benefit the organization and its stakeholders Adds value by: 1. Identifying what customers want 2. Determining competitively advantageous positions for offerings in marketplace 3. Implementing the marketing mix needed to attract customers and communicate value to them 2. Distinguish between a “market-driven” and “market-driving” approach Market Driven: approach involves “giving customers what they want”. Customer need comes first Market Driving: approach involves “helping customers learn what they want”. The product idea comes first 3. Define utility and explain different types: spatial, knowledge, value, temporal, and ownership Utility: is what helps to satisfy a need Spatial Utility: overcoming the geographic spread between product and distribution point; created by making a product readily available Knowledge Utility: Letting the buyer know the product values Value Utility: Having the perceived benefit being greater than its cost Temporal Utility: Making the products available when they are demanded Ownership Utility: Transferring ownership from manufacturer to buyer 4. Describe effective ways for measuring customer satisfaction (we covered 9) Measure satisfaction levels Review customer feedback Conduct market research Listen to frontline personnel Involve customers in business decision making Intend to refer Product penetration Price sensitivity Behavioral patterns 5. Identify and describe 4 tactical elements of the marketing mix Price: how much the customers are perceived to be willing to pay for the product Product: what customers want
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Place: where the product will be sold Promotion: How the message of the product is relayed to the customers 6. Distinguish among the elements of marketing’s macro-environment and micro-environment Macro-environment: Large external forces that impact an organization’s decision. Management has very little control over these factors Competitive: entity with which a company competes for customers, resources, revenues, and/or future opportunities Technology: applied science that improves an organization’s ability to meet customer’s needs Resource: Needed capital, labor, raw materials, required to produce and deliver products Legal/Political: Laws, regulations, and public interest groups Social Cultural: Beliefs, values, and norms within a group Economic: Financial condition of the marketplace Demographic: Personal and physical attributes of a population Other: Nature and climate are among others sometimes included Micro –environment: forces close to companies that have ongoing influence on how the company serves its customers. Management has some control over
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