Exam 1 Notes

Exam 1 Notes - Exam 1 Marketing the activity for creating,...

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Exam 1 Marketing – the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large; seeks: 1. To discover the needs and wants of prospective customers 2. To satisfy these needs and wants What affects marketing? 1. Environmental forces – social, economic, competitive, technological 2. Society Needs – when a person feels deprived of basic necessities such as food, clothing, and shelter Wants – needs that are shaped by a person’s knowledge, culture, and personality Market – people with the desire and ability to buy a specific offering Target Market – specific group of potential customers toward which an organization directs its marketing program Marketing Mix – the marketing manager’s controllable factors that can be used to solve a marketing problem 1. Product 2. Price 3. Promotion 4. Place Environmental Forces – the uncontrollable social, economic, technological, competitive, and regulatory forces Customer Value – the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price Relationship Marketing – linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit Marketing Program – a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers Evolution of the Market Orientation 1. Production Era – up until 1920s; goods were scarce 2. Sales Era – 1920s – 1960s; produce more goods than buyers could consume; competition grew 3. Marketing Concept – the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals 4. Marketing Orientation – focusing organization efforts on continuously collecting information about customers’ needs, sharing this information across departments, and using it to create customer value 5. Customer Relationship Era – firms continuously seek to satisfy the high expectations of customers CRM – the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace Societal Marketing Concept – the view that an organization should discover and satisfy the needs of its consumers in a way that also provides for society’s well-being
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Exam 1 Notes - Exam 1 Marketing the activity for creating,...

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