Review test 1

Review test 1 - BUSM300 REVIEW What is marketing? 1. The...

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BUSM300 REVIEW What is marketing? 1. The American Marketing Association states that “marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” a. Good marketing is not a random activ- ity; it requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on society in general. b. marketing plan (Chapter 2) that specifies the marketing activities for a specific period of time 2. Marketing Is about Satisfying Customer Needs and Wants a. Because marketing costs money, good marketers carefully seek out potential customers who have both an interest in the product and an ability to buy it. a.i. Lexus defines its viable target market as those consumers who want and can afford such a product. 3. Marketing entails and exchange a. an exchange— the trade of things of value between the buyer and the seller so that each is better off as a result. 4. Marketing MIX: 4 P’S (to create value a. Product: Creating Value a.i. Aquafina: has things comsumers find valuable: brand image (chic) and portable, Nike = custom designs (value cocreation), Ritz Carlton a.ii. Goods, services, goods&services, ideas (opinions, programs, philosphies) –bike safety idea b. Price: Capturing Value b.i. Price is everything the buyer gives up—money, time, energy—in exchange for the product. b.ii. basis of the potential buyer’s belief about its value. c. Place: Delivering the value proposition c.i. supply chain management d. Promotion: Communication the value proposition d.i. Communication by a marketer that informs, persuades, and reminds potential buyers about a product to influence their opinions and elicit a response 5. Marketing Can Be Performed by Both Individuals and Organizations a. B2C, B2B, C2C 6. Marketing Impacts Various Stakeholder a. such as partners in the supply chain, employees, and society at large 7. Marketing Helps Create Value a. Production-Oriented Era , Sales-Oriented Era Between 1920 and 1950, Market-Oriented Era After World War II = buyer’s market, consumer = king, Value-Based Marketing Era
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a.i. Value-Based Marketing Era = Value reflects the relationship of benefits to costs, or what you get for what you give. What is value base marketing?
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This note was uploaded on 10/13/2011 for the course BUS-M 300 taught by Professor Perreault,peterp. during the Spring '11 term at Indiana.

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Review test 1 - BUSM300 REVIEW What is marketing? 1. The...

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