marketing final test

marketing final test - FINAL EXAM REVIEW Chapter 1 Creating...

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FINAL EXAM REVIEW: Chapter 1: Creating Customer Relationships and Value through Marketing Marketing seeks to discover the needs and wants of customers and satisfy them Marketing by definitition is the activity of creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large Marketing Mix: the marketing manager’s controllable factors 1) Product- a good, service, or idea to satisfy the customer’s needs a. Packaging, size, shape, color, warranties are all part of this 2) Price- what is exchanged for the product 3) Promotion- a means of communication between the seller and buyer a. Coupons are a form of this 4) Place- a means of getting the product to the consumer Relationship Marketing: linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefits Very hard to do: due to todays easy technology it is much harder to achieve a face to face relationship with a customer Market Oriented vs. Product Oriented: Marketing concept: the idea that an organization should 1)strive to satisfy the needs of consumers 2)while also trying to achieve the organization’s goals Market Orientation: when a firm focuses its efforts on 1)continuously collecting information about customers’ needs 2)sharing this information across departments 3)using it to create customer value this has led to the customer relationship era in which firms continuously seek to satisfy the high expectations of customers Target market= one or more specific groups of potential consumers toward which an organization directs its marketing program Marketing Eras: Production era- goods were scarce and buyers were willing to accept virtually any goods that were available and make due with them Sales era- manufacturers found they could produce more goods than buyers could consume so competition grew and firms hired more salespeople Marketing era- marketing became the motivating force for many firms and it introduced marketing at the beginning of the production cycle rather than at the end --(this included market orientation and marketing concept ) Chapter 2: Developing Successful Marketing and Organizational Strategies Levels of Strategy in an Organization: Strategy is an organization’s long term course of action designed to deliver a unique customer experience while achieving its goals
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Corporate Level: where top management directs over-all strategy for the entire organization o “top management” consists of the board of directors Business unit Level: like a group of business that include SBUs o At this level there is a more specific strategic direction for the business – for firms with more than one business focus Functional Level: where specific groups of specialists actually create value for the organization 1. made up of departments Business Portfolio Analysis (BCG Matrix): quantifies performance measures and growth targets to
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This note was uploaded on 04/26/2011 for the course COB 300 taught by Professor Lowe during the Fall '07 term at James Madison University.

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marketing final test - FINAL EXAM REVIEW Chapter 1 Creating...

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