Exam 1 Notes

Exam 1 Notes - Marketing-provides value to customers...

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Marketing -provides value to customers through close relationships with them to benefit the organization and those closely related to it. Objectives- (1) discover the needs (customer benefit, learn past)and wants of prospective customers, (2) to satisfy them. Exchange- trade of things of value between buyer and seller so that each is better off after the trade, goal. Market- people with desire and ability to buy a specific product, potential customers. Target Market- specific group of potential consumers toward which an organization directs its marketing program. Marketing Mix- marketing managers controllable factors- product, price, promotion, place- that can be used to solve a marketing problem. Environmental Forces- uncontrollable marketing factors such as social, economic, technological, competitive, and regulatory forces. Customer Value- buyers benefits including quality, price, convenience, on-time delivery, and before- and after-sale service. Relationship Marketing- linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits. Marketing Program- plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. Production era - up until 1920's goods were scarce and buyers were willing to buy any available goods mass production at lower cost. Sales era - 1920-1960's produce more than goods than buyers could consume. Marketing concept era- idea that organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals. Market Orientation- continuously collecting information about customers needs, sharing this information across departments, and using it to create customer value. customer era - firms seek continuously to satisfy high expectations of customers. Societal Marketing Concept- view that organizations should satisfy the needs of consumers in a way that provides for societies well-being. Ultimate consumers- people who use the goods and services purchased for a household. Organizational buyers- manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale. Utility- benefits or customer value received by users of the product. Form, place- where consumers need it, time- available when needed, possession -
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Exam 1 Notes - Marketing-provides value to customers...

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