Bmgt350- exam 1 review sheet

Bmgt350- exam 1 review sheet - EXAM 1 REVIEW SHEET Chapter...

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Unformatted text preview: EXAM 1 REVIEW SHEET Chapter 1 Marketing has 2 facets: It is a philosophy, attitude, perspective or management orientation that stresses customer satisfaction An organization function and set of processes used to implement this philosophy AMAs definition Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large. X Focuses on delivering value and benefits to customers not just selling goods, services, and ideas X Uses communication, distribution, and pricing strategies o Entails an understanding that organizations have many connected stakeholder partners o Stakeholder partners include employees, suppliers, stockholders, distributors and others [High level of employee satisfaction leads to -> Greater effort leads to -> Higher-quality goods and services leads to -> More repeat business leads to -> Higher growth and profits leads to -> Higher stockholder satisfaction leads to -> More investment ] Exchange- when people give up something to receive something theyd rather have. Conditions include:-Each party has something of value to the other party-At least 2 parties-Each party can communicate and deliver-Each party has the right to accept or reject-Each party is able to deal with the other party appropriately *marketing can occur even if an exchange does not occur* 4 Philosophies influence an organizations marketing process: Production Orientation- focuses on internal capabilities of the firm rather than needs of marketplace Sales Orientation- people will buy more goods and services if aggressive sales techniques are used high sales result in high profits intermediaries are encouraged to push manufacturers products more aggressively problem: lack of understanding of the needs and wants of the marketplace dotcom businesses shut down b/c they focused on technology & not customers Market Orientation- obtaining information about customers, competitors and markets; examining the information from a total business perspective; determining how to deliver superior customer value; and implementing actions to provide value to customers o Market Concept- social and economic justification for an organizations existence is the satisfaction of customer wants and needs while meeting organizational objectives. It is based on a customers decision to purchase a product and not an aggressive sales force. The perceived value (what the customer thinks they are buying) defines a business. Marketing concept includes: Focusing on customer wants and needs Integrating organizations activities, including production, into these wants Achieving long term goals for the organization by satisfying customer wants and needs Societal Marketing Orientations- an organization exists not only to satisfy customer wants & needs & to meet organization objectives; also to preserve/enhance individuals & societys long-term best interests 5 characteristics compared Sales and Market orientations:...
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This note was uploaded on 11/15/2010 for the course BMGT 350 taught by Professor Boyd during the Spring '08 term at Maryland.

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Bmgt350- exam 1 review sheet - EXAM 1 REVIEW SHEET Chapter...

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