307 Quiz 2 Classroom material study guide

307 Quiz 2 Classroom material study guide - 307 Quiz 2...

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307 Quiz 2 Classroom Material Study Guide Marketing Overview Marketing and delivering value Marketing focus on finding or creating customer needs and satisfying them. The central idea behind marketing is the idea that a firm or other entity will create something of value to one or more customers who, in turn, are willing to pay enough (or contribute other forms of value) to make the venture worthwhile considering opportunity costs. Value = benefits received / cost Types of organizations that use marketing Business, non-profit groups, government. Scope of marketing Goods, services, ideas Customer value - Value must be examined from the point of view of the customer. Some customer segments value certain product attributes more than others. A very expensive product may represent great value to a particular customer segment because the benefits received are seen as even greater than the sacrifice made (usually in terms of $). - For transaction to take place, benefits received must usually be greater than sacrifice. - Different customer segments will have different value perceptions. Conditions that must be met for marketing to occur - 2+ parties with unsatisfied needs - Desire and ability to satisfy these needs - Way to communicate - Something to exchange, does not have to be money The marketing concept vs. the selling concept Two approaches to marketing exist. The traditional selling concept emphasizes selling existing products. The philosophy here is that if a product is not selling, more aggressive measures must be taken to sell it (ex.
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Cut price). The marketing concept focuses on getting consumers what they seek, regardless of whether this entails coming up with entirely new products. Sales: inward, emphasis on maximize sales Marketing: outward, determine and satisfy consumer need whether this is consistent with current product line or not. The “Scarf of the Tiger” Evaluated more favorably by consumers. Strategy Market balance - Different firms should attempt to offer different forms of value, appealing to different customer segments – otherwise, competition is likely to degenerate into price competition. - A well balanced gadget industry: 1. Ease of use 2. Performance 3. Low price 4. Small size 5. Speed The Boston Consulting Group (BCG) matrix BCG provides a firm an opportunity to access how well its business units work together. Market share and the growth prospects in the market. Four
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307 Quiz 2 Classroom material study guide - 307 Quiz 2...

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