BMGT350 Exam 1 Study Guide

BMGT350 Exam 1 Study Guide - BMGT350 Exam 1 Study Guide...

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BMGT350 Exam 1 Study Guide Chapter 1: An Overview of Marketing 1. What is Marketing? a. Two facets i. It is a philosophy, an attitude, a perspective or a management orientation that stresses customer satisfaction ii. Marketing is an organization function and a set of processes used to implement this philosophy (Marketing Process) b. Marketing: 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 c. Desired outcome of marketing i. Exchange: people giving up something to receive something they would rather have ii. Conditions of exchange: 1. There must be at least 2 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 iii. Marketing can occur even if an exchange does not occur 2. Marketing Management Philosophies a. Production Orientation : a philosophy that focuses on the internal and capabilities of the firm rather than on the desires and needs of the marketplace b. Sales orientation: the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits i. To a sales oriented firm, marketing means selling things and collecting money ii. Problem lack of understanding the needs and wants of the marketplace c. Market Orientation i. Marketing concept: the idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives 1. Focusing on customer wants and needs so that the organization can distinguish its products from competitors’ offerings 2. Integrating all the organization’s activities, including production, to satisfy these wants 3. Achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly ii. Market Orientation: a philosophy that assumes 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 d. Societal Marketing orientation: the idea that an organization exists not only to
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satisfy customer wants and needs and to meet organizational objectives, but also to preserve or enhance individual’s and society’s long-term best interest 3. Differences between sales and market orientations a. Personnel in sales-oriented firms tend to be “inward looking,” focusing on selling what the organization makes rather than making what the market wants b. Customer value: the relationship between benefits and the sacrifice necessary to obtain those benefits i. Marketers interested in customer value: 1. Offer products that perform 2. Earn trust 3. Avoid unrealistic pricing 4. Give the buyer facts
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BMGT350 Exam 1 Study Guide - BMGT350 Exam 1 Study Guide...

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