Test 1 - Chapter 1 Marketing o A philosophy an attitude a...

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Chapter 1 Marketing o A philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction o Organization function and a set of processes used to implement this philosophy o 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 Exchange- people giving up something to receive something they would rather have; 5 conditions o 1. There must be at least 2 parties o 2. Each part has something that might be of value to the other party o 3. Each party is capable of communication and delivery o 4. Each party is free to accept or reject the exchange offer o 5. Each party believes it is appropriate or desirable to deal with the other party Marketing Management Philosophies o Production Orientation- focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace; falls short because it does not consider whether the goods and services that the firm produces most efficiently also meet the needs of the marketplace o Sales Orientation- idea that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits o Market Orientation- assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase product; involves 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 Societal 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 Sales vs. Market Orientation o compared by the organization’s focus, the firm’s business, those to whom the product is directed, the firm’s primary goal, and the tools used to achieve those goals o Sales- inward looking o Market- external o Customer Value- customers value goods/ services that are of the quality they expect and that are sold at prices they are willing to pay
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Marketers interested in customer value: offer products that perform, earn trust, avoid unrealistic pricing, give the buyer facts, offer organization wide commitment in service and after sales support, co-create o Customer satisfaction- customer’s evaluation of a good or service in terms of whether that good or service has met their needs and expectations o Building relationships- attracting new customers, increasing business with existing customers, and retaining current customers Customer oriented, training, empowerment, and teamwork Why study marketing o Marketing is required for all the transactions that occur everyday o Marketing contributes to survival, profits, and growth; asseses the
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This note was uploaded on 12/01/2010 for the course BMGT 340 taught by Professor White during the Spring '08 term at Maryland.

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Test 1 - Chapter 1 Marketing o A philosophy an attitude a...

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