This preview shows pages 1–3. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Marketing 3343 Principles of Marketing Review for Final Exam Chapter 1: Creating Customer Relationships and Value through Marketing Define marketing and identify the requirements for marketing to occur : Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. This definition relates to two primary goals of marketing: ( a ) discovering the needs of prospective customers and ( b ) satisfying them. Achieving these two goals also involves the four marketing mix factors largely controlled by the organization and the five environmental forces that are generally outside its control. Marketing p. 6 creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders (customers, employees, suppliers, shareholders), and society at large. For marketing to occur, at least four factors are required: (1) Two or more parties (individuals or organizations) with unsatisfied needs.-Someone wants to buy a shirt with their favorite band on it. The owner of a shirt store needs someone to buy some shirts. (2) A desire and ability on their part to be satisfied.-that said someone has the money and time to go to the store and the store owner has the desired item in stock. (3) A way for the parties to communicate. -making the customer aware of the existence of the desired product. Communication is also the business knowing that there is a market for a product. (4) Something to exchange.-Marketing occurs when the transaction takes place and both the buyer and seller exchange something of value Understand how marketing discovers and satisfies consumer needs the first objective in marketing is discovering the needs and wants of consumers who are prospective buyers and customers. This is not easy because consumers may not always know or be able to describe what they need and want. A need occurs when a person feels deprived of basic necessities such as food, clothing, and shelter. A want is a need that is shaped by a person's knowledge, culture, and personality. Effective marketing can clearly shape a person's wants and tries to influence what we buy. The second objective in marketing is satisfying the needs of targeted consumers. Because an organization obviously can't satisfy all consumer needs, it must concentrate its efforts on certain needs of a specific group of potential consumers or target marketone or more specific groups of potential consumers toward which an organization directs its marketing program. Having selected its target market consumers, the organization then takes action to satisfy their needs by developing a unique marketing program to reach them....
View Full Document
This note was uploaded on 09/29/2011 for the course MKT 3343 taught by Professor Murdock during the Spring '08 term at Texas State.
- Spring '08