Midterm 1 Study Guide

Midterm 1 Study Guide - Todd Snyder BUAD 307 Midterm 1...

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Todd Snyder BUAD 307 Midterm 1 Study Guide Chapter 1: An Overview of Marketing I. What is Marketing i. Is a philosophy based on satisfying the customer and the set of processes used to implement this b. Exchange 1. People giving up something to receive something they would rather have ii. Conditions of Exchange 1. 2 parties, each party has something the other might want, each are capable of communication and delivery, offer can be accepted or rejected iii. Marketing can occur without an exchange II. Marketing Management Philosophies a. Production Orientation 1. Focuses on the internal capabilities of the firm a. “If we build it, they will come” reference ii. Downfall is that it does not take into account how it fits the needs of the marketplace b. Sales Orientation 1. people will buy good if aggressive sales techniques are used 2. high sales = high profit ii. lacks needs and understanding of marketplace as well c. Market Orientation 1. Satisfaction of customer wants and needs while meeting organizational objectives ii. What the customer believes they are buying is what is important iii. Concepts 1. focusing on customer needs distinguishes company from competition 2. Integrating organization activity to satisfy customer 3. achieving long term goals by satisfying customer d. Societal Marketing Orientation 1. Organization exists not only to satisfy customer wants but also to preserve societies best interest in the long run ii. E.g. 1. less toxic materials in batteries III. Differences between Sales and Market Orientation a. Organization’s Focus i. Organization’s Focus 1. Sales Orientation a. Inward looking
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b. sell what the organization makes 2. Market Orientation a. Outward looking b. Make what the customer wants c. put customer at the center of their business ii. Customer Value a. relationship between benefits and the sacrifice necessary to obtain benefits 2. Sales Orientation a. not important 3. Market Orientation a. important through i. offer products that perform ii. earn trust iii. avoid unrealistic pricing iv. give the buyers facts v. offer service and after-sale support iii. Customer Satisfaction a. customers evaluation of good in regard to their needs and expectations 2. Sales Orientation a. not important 3. Market Orientation a. Culture of organization is to focus on delighting the customer rather than selling the product iv. Building Relationships 1. Sales Orientation a. one time sales 2. Market Orientation a. Relationship Marketing 1. Focuses on improving relationship with current customers ii. Customer Oriented Personnel 1. Employee attitude must be customer oriented iii. Role of Training 1. Many hours of training on how to deal with customer iv. Empowerment 1. Give employee power which makes them feel important while instantly giving customer attention v. Teamwork 1. Improves job performance, product value and customer satisfaction b. The Firm’s Business
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i. Sales Orientation a. in terms of goods and services ii. Market Orientation
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This note was uploaded on 09/22/2008 for the course BUAD 307 taught by Professor Morristowns during the Spring '07 term at USC.

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Midterm 1 Study Guide - Todd Snyder BUAD 307 Midterm 1...

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