buadreviewmidterm1

buadreviewmidterm1 - Marketing Fundamentals Review Midterm1...

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Unformatted text preview: Marketing Fundamentals Review Midterm1 Marketing Overview / Customer Satisfaction / Marketing Environment 1) What is marketing? "Marketing includes the activities and institutions for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." (Marketing News) 2) How does marketing add value to an organization? Marketers create value for buyers by providing utilities (need satisfying capabilities) 3) Distinguish between a market-driven and a market-driving approach. Market-driven (Classic Marketing Approach): "Give customer what they want"-Matches well with markets containing products with high buyer familiarity-assumes buyers evaluate choices based on fixed value concepts Market-driving (Alternative): "Helps customers learn what they want"-matches well with rapidly evolving markets with growing number of novel products-assumes buyers can learn and evolve with new value concepts. 4) What is value? Value proposition? 5) What is a market-oriented approach? What are its limitations? Market Orientation Approach: 3 Keys-Collecting and understanding info relating to customer needs-Sharing this info across departments-Using insights gained to create customer value in a manner that is superior to competitor's offerings. Limitations: a. Development of truly breakthrough products can be difficult. b. Market opportunity can pass during the over analysis of customer needs. 6) Define utility, and be able to describe spatial utility, knowledge utility, value utility, temporal utility, and ownership utility. Utilities: need satisfying capabilities-Spatial utility: overcoming the geographic spread between product and distribution point.-Knowledge utility: providing info that aids buyers-Value utility: selling perceived benefits that exceed perceived costs-Temporal utility: making the product available when the buyer wants it-Ownership utility: transferring ownership to ultimate buyers 7) Why is customer satisfaction important to marketers? 8) Describe effective ways for measuring customer satisfaction (we covered 9). 9) Distinguish between a market-oriented and product-oriented approach. Market Oriented: Customers and their need are central; product development, HR, Finance, Production, Marketing all focus on the customers. Product Oriented: Product idea and Production are central; Product development, HR, Finance, Marketing all focus on the Production and then caters to the customers. 10) Identify and describe the four tactical elements of the marketing mix. 11) Distinguish among the elements within the marketing macro-environment and micro- environment. Marketing Planning 1) List and describe 7 steps within the marketing planning process....
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buadreviewmidterm1 - Marketing Fundamentals Review Midterm1...

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