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MKT 350 Exam 1 Review - Page 1 of 6 I Four Ps a...

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Page 1 of 6 I. Four P’s a. Product—goods, services or ideas that satisfy customer needs i. Brand names, packaging, warranties and repairs b. Distribution (Place)—ready, convenient, and timely availability of products i. Product availability while minimizing costs c. Promotion—activities informing customers about organization and its products i. Advertising, public relations, sales promotion d. Pricing—establish pricing objectives and set product prices i. Critical but most flexible—customers are concerned about value II. Marketing occurs in a dynamic environment a. Dramatic and unpredictable, uncontrollable III. Marketing Concept—satisfy customer needs through coordinated activities to achieve goals a. Production Orientation b. Sales Orientation c. Marketing Orientation—focus on customer needs, internal restruction IV. Managing Customer Relationship a. Optimize Exchange Relationship i. Acquire new customers, enhance current customer profitability, extend customer relationship b. Relationship Marketing—long term, buyer-seller mutual dependency c. Customer Relationship Management (CRM) i.
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