MARKETING EXAM 1 REVIEW

MARKETING EXAM 1 REVIEW - MARKETING EXAM 1 REVIEW CH 1 What...

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Unformatted text preview: MARKETING EXAM 1 REVIEW CH 1 What is marketing?- managing profitable customer relationships- attracting new customers- retaining and growing new current customers - Kotlers social definition: a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. - Peter Drucker: the key business function. Marketing is so basic that it cant be considered a separate business function. It is the whole business seen from the point of view of its final result the customers point of view - Marketing is about meeting needs - Marketing offers: including products, services, ideas, people and experiences- Marketing concept: identify needs and provide products, service, ideas, etc. to satisfy those needs - Exchange is the heart of every marketing activity Point of Attraction - where product, service, idea come together with customer- markets need to know what brings product and customer together Needs- the difference between a consumers actual state and some ideal or desired state (physical, social, and psychological Wants- a desire for a particular product used to satisfy that need- culturally and socially based Benefits- what a product or service delivers when it satisfies a need.- Consumers buy benefits not products or features- Organization is in the business of delivering benefits Marketing management- creating, delivering, and communicating superior customer value is key Customer relationship management - it costs 5 to 10 times more to attract a new customer than it does to keep a current customer satisfied - marketers must be concerned with the lifetime value of the customer - attracting, retaining, and growing customers- building customer relationships and customer equity. Marketing Challenges- technological advances, rapid globalization, and continuing social and economic shift are causing marketplace changes- major marketing developments can be grouped under the theme of connecting- connecting with technology, customers, with marketing partners, and with the world (globalization) CH 2 Strategic planning- the process of developing and maintaining a strategic fit between the organizations goals, capabilities and changing opportunities The Mission Statement- should be market oriented, NOT product oriented - a companys mission statement should guide itself in its strategic planning - questions the mission statement should answer include: o what is our business? o who is our customer? o what do consumers value? o what should our business be?- the mission should be translated into supporting objectives for each level of management Setting firm objectives and goals- must be: realistic, measurable, time specific SWOT analysis- Strengths: positive internal capabilities that may help a company reach its objectives - Weaknesses: negative internal limitations that may interfere with a companys ability to achieve its objectives - Opportunities: positive external factors that the company may be able to exploit to its advantage...
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This note was uploaded on 09/26/2011 for the course MRKT 341 taught by Professor Staff during the Spring '08 term at UNL.

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MARKETING EXAM 1 REVIEW - MARKETING EXAM 1 REVIEW CH 1 What...

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