MSC 300 exam 1 - 4 different economic eras-productions,...

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4 different economic eras -productions, sales, marketing concept, customer Drivers of economic change -competition, internet, technology, innovation, globalization, strategic alliances. Paradigm -set of assumptions, concepts, values, and practices that constitutes a way of viewing reality for the community that shares them. Worldview -overall perspective of how one views and interprets the world. Goal of business -1)find customers 2)keep customers Marketing -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. “The art and science of finding and keeping profitable customers.” The key is to find a tactic that works and build your strategy around it. Win-win is the only approach to marketing that works today. Marketing’s first task- discovering consumer needs. Target market -consists of one or more specific groups of potential customers toward which an organization directs its marketing program. Nearly 94% of the 33,000 new consumable products introduced each year don’t succeed in the long run. Need -occurs when people feel psychologically deprived of basic necessities such as food clothing and shelter. Want -felt need that is shaped by a persons knowledge/culture/personality. Environmental forces- technological/competitive/social/regulatory/economic. Marketing creates utility -form/place/time/possession Success principle -successful people have an insatiable appetite to pursue what they do not know and apply it to their life. Two types of organizations -business firm (profit) and non profit organizations (firm, company, organization, corporation). Corporate level strategy -deciding the scope, purpose, goals of the business, and resources necessary to implement it. Revolution -radical change in business models. Renewal -firms become innovative with respect to their business models. business level strategy- functional level strategy- Business definition -most important decision a business makes, the process a business goes through to define and position itself in its competitive environment. Implies that we will serve certain customers and not others, that we will provide certain products and not others. Value migration
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MSC 300 exam 1 - 4 different economic eras-productions,...

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