MARK 3000 exam 1 review - MARK 3000 Chapter 1 o LO 1- What...

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MARK 3000 Chapter 1 o LO 1- What is marketing? A set of activities Using the four P’s to deliver value and benefits to a targeted group of customers (target market) A company philosophy (the marketing concept/orientation) The objective of the company is to (1) satisfy consumer wants, and (2) meet organizational objectives. What does the consumer want? The four P’s Product (what are we making?) o Can be a… Physical good Service Idea Price (how much are we charging?) o Monetary, barter, etc. Place o Where is the product available? o How do we get the product where it needs to be? Promotion (how is the product communicated?) o TV, internet, free samples, newspaper, etc. Exchange Exchange is a desired outcome of marketing. Five conditions of exchange o At least two parties
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o Each has something of value to the other o Each is capable of communication and delivery o Each is free to accept or reject the offer o Each feels it appropriate or desirable to deal with the other Marketing can occur even if exchange doesn’t o LO 2- Marketing management philosophies Other orientations Production o Focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. o As long as it is produced efficiently and free of defects, it will succeed. o Key question: what does the firm do best? o Falls short because it does not consider the idea that what the firm does best isn’t what the market wants. Sales o Based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits. o Put salespeople on commission; don’t worry about repeat business. o Key question: how can we sell more of what we have? o Fundamental problem is lack of understanding what the market wants. Societal marketing o An organization exists not only to satisfy consumer wants and needs and to meet organizational objectives, but also to preserve or enhance individuals’ and society’s long-term best interests. o What our customers want may not be good for society.
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o Key question: how can I meet consumer needs and benefit society? Market Orientation Marketing concept- the social and economic justification for an organization’s existence is the satisfaction of consumer wants and needs while meeting organizational objectives. AMA definition of marketing- Marketing is 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. Sales “if you make it, they will buy.” Marketing “figure out what customers want before they know it.” o READ SECOND HALF OF CHAPTER 1 Chapter 3 o LO 1- Corporate Social Responsibility Corporate social responsibility is a business’s concern for society’s welfare. Sustainability- newest theory in social responsibility; socially responsible
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This note was uploaded on 03/19/2008 for the course MARK 3000 taught by Professor Emmelhainz during the Fall '07 term at University of Georgia Athens.

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MARK 3000 exam 1 review - MARK 3000 Chapter 1 o LO 1- What...

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