MARK test 1 notes

MARK test 1 notes - Marketing is determining customer needs...

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Marketing is determining customer needs and satisfying them using the 4 P’s 1. Product 2. Price 3. Promotion 4. Place Target Group/Market – subset of consumers who share similar needs and wants Immediate Exchange – mutual recognition of value Long term relationship – brand advocates Orientations 1. Marketing concept/market orientation – purpose of company is to satisfy consumer wants and needs – make what you can sell rather than sell what you can make a. What does the customer want? 2. Production Orientation – focus on internal capability and technology a. What does the company do best? 3. Sales Orientation – focus on aggressive sales techniques a. How can we sell more of what we have? 4. Societal Marketing Orientation – Focus is on enhancing benefits to society a. How can I meet consumer needs while simultaneously benefiting society Influential Factors in Ethics Extent of Problems Top Management Actions Potential Consequences Social Consensus Probability of Harm Time Until Consequences Number Affected
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Norms to Consider Societal Norms General Business Norms Company Norms Personal Norms and Values AMA code of ethics 1. Do no harm 2. Foster trust in the marketing system 3. Practice ethical values that will improve consumer confidence in the integrity of the marketing exchange system 4. Values a. Honesty b. Responsibility c. Fairness d. Respect e. Openness f. Citizenship Moral Philosophies Moral Idealism – If any bad occurs, than the action is unethical Utilitarianism – if action results in more bad than good, than action is unethical DeBeers Corporate Responsibility Levels 1. Philanthropic – be a good citizen 2. Ethical – do what is right 3. Legal – obey the law 4. Base Purpose – be profitable Marketing Environment – uncontrollable elements outside an organization that affect its performance Environmental Scanning – systematic analysis of environmental elements
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MARK test 1 notes - Marketing is determining customer needs...

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