Mkt 340 - Exam 1 Review

Mkt 340 - Exam 1 Review - MKT 340 Exam 1 Review Customer...

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MKT 340 Exam 1 Review Customer Relationships and Value : * What is 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. * The exchange process The trade of things of value between buyer and seller so that each is better off after the trade. Two or more parties with unsatisfied needs, desire and ability to satisfy these needs, a way for the parties to communicate, something to exhange. * Consumer needs, wants, preferences Needs occur when a person feels deprived of a basic necessity such as food, clothing. Want is a need that is shaped by a person’s knowledge, culture, and personality. Should try to satisfy both. * Product positioning, repositioning Positioning refers to the place an offering occupies in consumers’ minds on important attributes relative to competitive products. Repositioning involves changing the place an offering occupies in a consumer’s mind relative to competitive products. * Target market One or more specific groups of potential consumers toward which an organization directs its marketing program. * The marketing mix Product – a good, service, or idea to satisfy the consumer’s needs. Price – what is exchanged for the product. Promotion – a means of communication between the seller and buyer. Place – a means of getting the product into the consumer’s hands. * Why marketing is important Marketing creates utility, or consumer benefit. To balance the interests of different groups. Customer relationships. Analyzing who markets, what they market, who buys, who benefits, how they benefit. Marketing and corporate strategies
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This note was uploaded on 03/27/2008 for the course MKT 340 taught by Professor Wong during the Spring '08 term at Iowa State.

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Mkt 340 - Exam 1 Review - MKT 340 Exam 1 Review Customer...

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