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Study Guide - Marketing Test One Study Guide Chapter s 1,2...

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Marketing Test One Study Guide- Chapter s 1,2, 3, 5, 8 Chapter 1: Two central concerns of marketing are discovering and satisfying needs Marketing by definition is the activity of creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large MARKETING MIX: marketing managers controllable factors Product -a good, service, or idea to satisfy customer needs - Packaging is included in this - Size, color, shap e, quality all m ake up the product Price- what is exchang ed for the product Promotion -a m e a ns of co m m unication b etwe en the seller and buyer Place – a m e a ns of g etting the product to the consu m er Target market- one or more specific groups of potential customers toward which an organization directs its marketing program - For Marketing to occur there must be 1) parties with unsatisfied needs 2) a desire and ability to be satisfied 3) a way for the parties to communicate 4) something to exchange DIFFERENT ERAS: 1) Production era- goods were scarce so buyers were willing to accept virtually any goods that were available and make due with them 2) Sales Era- manufacturers found they could produce more goods than buyers could consume thus compeitition grew and firms hired salespeople to find new buyers 3) Marketing Concept Era- the idea that an organization should 1) strive to satisfy the needs of consumers while also 2) trying to achieve the organizations goals -market orientation: focusing efforts on 1)continuously collecting info on consumers needs 2) sharing this info across departments 3)using it to create customer value ENVIORNMENTAL FORCES: factors that are uncontrollable ---pg. 67 Social- trends that could influence a culture like demographics Economic- things like the unemployment rate, consumer incomes, stability of market, tax rates, etc. Technological - new advancement or changes like the internet, speed of technology, you must get a product out fast even if it has bugs to beat your competitor Competitive- how many other competitors are in the industry and what their prices are, location, market share, quality of product, etc. Regulatory— any type of government laws Political- the one that’s not in the book but purely political events that can have an effect on the markets UTILITIES: Utility- the benefits or customer value received by users of the product; the result of the marketing exchange process and the way society benefits from marketing 4 types: 1) Form-the production of the good or service
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2) Place-having the offering available where consumers need it 3) Time- having it available when needed 4) Possession – value of making an item easy to purchase through the provision of credit cards or financial arrangements Customer value- combination of benefits received by targeted buyers that include 1)quality 2)convenience 3) on time delivery 4) before and after sale service Chapter 2: Core values- the fundamental, passionate, and enduring principles that guide conduct over time
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