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MARKETING EXAM 1 REVIEW

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

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MARKETING EXAM 1 REVIEW CH 1 What is marketing? - managing profitable customer relationships - attracting new customers - retaining and growing new current customers - Kotler’s 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 can’t be considered a separate business function. It is the whole business seen from the point of view of it’s final result the customer’s 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 consumer’s 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 organization’s goals, capabilities and changing opportunities The Mission Statement - should be market oriented, NOT product oriented - a company’s mission statement should guide itself in its strategic planning
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- 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 company’s ability to achieve its objectives - Opportunities: positive external factors that the company may be able to exploit to its advantage -
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