test 1 study guide

test 1 study guide - Chapter1IntrotoMarketing

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Chapter 1 Intro to Marketing     What is the definition of Marketing; what is meant by “the marketing concept”?  o The performance of activities that seek to accomplish an organization’s objectives by  anticipating customer or client needs and directing a flow of need satisfying goods and  services from producer to customer or client o Marketing Concept- The idea that an organization should aim all its efforts at satisfying its  customers at a profit What is the difference between a “production orientation” and a “marketing orientation”? o Production Orientations is making whatever products are easy to produce and then trying to  sell them and Marketing orientation is trying to carry out the marketing concept What are “Economies of Scale”?  What is meant by a “planned economic system? o Economies of scale are where as a company produces larger numbers of a particular product  the cost of each unit of the product goes down (High Fixed Cost) o Planned economic system  A planned economy is one in which all of the decisions about what to produce, where and how are made by a central group of planners. It's the direct opposite of what we call a market economy, in which no such group makes those decisions.   Chapter 2 Marketing Strategy Planning     What are the Four P’s? o Product, Place, Promotion, Price How would you describe “customer equity”?  A “breakthrough opportunity”? o Customer Equity- The expected earnings stream (profitability) of a firm’s current and  prospective customers over some period of time o Breakthrough Opportunity- Opportunities that help innovators develop hard to copy  marketing strategies that will be very profitable for a long time How is a  S.W.O.T. analysis used? o
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This note was uploaded on 10/10/2011 for the course BUS 301 taught by Professor O'byrne during the Spring '11 term at San Diego State.

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test 1 study guide - Chapter1IntrotoMarketing

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