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Study Guide Final Me

Study Guide Final Me - Ch 1 An Overview of Marketing(A What...

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Ch. 1: An Overview of Marketing (A) What is an exchange, what it is not - Exchange : people giving up something to receive something they would rather have. -Exchange does not require money -Condition of exchange: (1) There must be at least two parties. (2) Each Party has something that might be of value to the other party (3) Each party is capable of communication and delivery. (4) Each Party is free to accept or reject the exchange offer (5) Each party believes it is appropriate or desirable to deal with the other party. -Exchange will not necessary to take place even if all these conditions exist. (B) Customer value - Customer Value : The relationship between benefits and the sacrifice necessary to obtain those benefits. (C) Customer satisfaction - Customer Satisfaction : Customer’s evaluation of a good or service in terms of whether it has met their needs and expectations. (D) Marketing management philosophies -Four competing philosophies strongly influence an organization’s marketing process. -Production, Sales, Market, Social Marketing Orientations. - Production Orientation : A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. - Sales Orientation : The idea that people will buy more goods and service if aggressive sales techniques are used and that high sales result in high profits. - Market Orientation : A philosophy that assume that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase product. It is synonymous with the marketing concept. - Social Marketing Orientation : The idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals’ and society’s long-term best interests. (E) The marketing concept - Market Concept : The idea that social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives. (F) Relationship marketing - Relationship marketing : A strategy that focuses on keeping and improving relationships with current customers.
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Ch. 2: Strategic Planning (A) Marketing strategy , marketing plan - Strategic Planning : The managerial process of creating and maintaining a fit between the organization’s objectives and resources and evolving market opportunity. - Marketing Plan : A written document that acts as a guidebook of marketing activities for the marketing manager. (B) SWOT (strengths, …) -Internal : Strengths and Weaknesses -External : Opportunity and Threats. (C) Competitive advantage, types, sustainable - Competitive advantage : the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.
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