BMGT350 Exam 1 study guide

BMGT350 Exam 1 - Marketing-Exam 1 Chapters 1 3 4 8 and 9 Chapter 1-page 24 Marketing-an organizational function and a set of processes for creating

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Marketing-Exam 1 Chapters: 1, 3, 4, 8 and 9 Chapter 1 -page 24 Marketing -an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders (is far broader than just advertising or personal selling) Marketing seeks to serve both buyers and sellers by attempting to: a. discover the needs and wants of prospective customers b. satisfying these needs The key to achieving these two objectives is the idea of exchange , which is the trade of things of value between buyer and seller so that each is better off after the trade -The marketing department of businesses deals with customers, shareholders, suppliers, and other organizations . Environmental forces such as social, technological, economic, competitive, and regulatory factors also shape marketing activities. 4 factors needed for marketing to occur: 1. Two or more parties with unsatisfied needs 2. Desire and ability to satisfy these needs 3. A way for the parties to communicate 4. Something to exchange Potential customers make up a market , which is people with both the desire and the ability to buy a specific product-all markets ultimately are people. Since an organization can not possibly meet all consumer needs, a target market , one or more specific groups of potential consumers toward which an organization directs its marketing program, is established. To reach this target market, the use of The Four P’s : Product : a good, service, or idea to satisfy the consumer’s needs Price : what is exchanged for the product Promotion : a means of communication between the buyer and seller Place : a means of getting the product into the consumer’s hands The four P’s make up the marketing mix -the controllable factors that can be used to solve a marketing problem Environmental Factors -not all factors are controllable by the marketing department. Such factors that are beyond the control of the marketing department and its organization are: social, economic, technological, competitive, and regulatory forces . i.e. what the consumers want and need, changing technology, the state of the economy, gvmt. restrictions, etc.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Customer value : the unique combination of benefits received by targeted buyers that include quality, price, convenience, on-time delivery, and both before-sale and after-sale service. Today, companies are attempting to put $ value on loyal, satisfied customers Companies feel they can deliver outstanding value by providing one of 3: -Best price -Best product -Best service Relationship marketing : linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits Ideally, this entails a personal, ongoing relationship btwn. the organization and the individual customers NOTE: this is made difficult by the ever-growing lack of personable interaction that takes place within business transactions, such as buying a CD from the internet instead of mom
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/23/2011 for the course BMGT 350 taught by Professor Boyd during the Spring '08 term at Maryland.

Page1 / 19

BMGT350 Exam 1 - Marketing-Exam 1 Chapters 1 3 4 8 and 9 Chapter 1-page 24 Marketing-an organizational function and a set of processes for creating

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online