Marketing Review - Marketing Review Midterm 1 Week 1...

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Marketing Review Midterm 1: Week 1/ Chapter 1: o 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 Exchange : Peoplegiving up something to receive something they would rather have o Goods, money, or time, information, o Doesn’t always have to take place o Marketing can occurew/o exchange Example: classified ad to sell something. Marketing w.o exchange o Conditions for Exchange At least two parties involved Something of value Communication anddelivery Freedom to accept/reject Desire to Deal with Other Party o Marketing Management Philosophies o Production: internal capabilities of the firm, producs they make service they provide or skills of staff What can we make or do best? Most of big car companies = production orientation, factories exclusively for making automobiles Focused inward Based on delivering goods and services Direct products to EVERYONE Pursues maximum sales through intensive promotion Buy even if product isn’t right for the customer o Sales: aggressive salestechniques and belief that high sales result in high profits, get people to buy more products How can we sell more aggressively Pushy sales people Focused inward o Market: satisfying customer needs and wants while meeting objectives Focus on customers needs and preferences deliverers satisfactionto customers focused outward eg netfilx and late fees example. Createdto serve customers. Benefit for consumers no late fees 24 hour browsing don’t haveto leavehouse aim at specific demographics of the organization, target audience nofjsut everyone recognize that different groups are different markets pursue customer satisfaction through coordinated activities
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o Societal: satisfying customer needs andwants while enhancing individual and societal well being like market but further Like organic. Non profit, Focused outward o Relationship Marketing: a strategy that focuseson keeping and improvingrelationshuins with current customers Teamwork Empowerment Customer oriented personnel Employee training o The Marketing Concept: The idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives. o Sale is customers decision to purchase the product o What the producer is selling is not as important as what the consumer thinks they are buying, perceived value o MARKET ORIENTATION o Managers must obtain info about customers,competitiors andmarkets,and implement action to provide satisfaction to customers o Market orientation may not choose to deliver the benefits that customers seek bc Thebenefits may not be good for inidiviuals or society o Main difference between Sales and Marketing Orientation
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