MKT291 Exam 1 Review

MKT291 Exam 1 Review -...

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Chapter 1: Creating Customer Relationships/Value  I. Marketing: an organizational function and set of processes for creating, communicating, and  delivering value to customers and for managing customer relationships in ways that bene fit the  organization and its stakeholders - Discover the needs and wants of prospective customers and satisfy them - Target market: specific group of potential consumers - Marketing Mix: Product Price Promotion Place -Customer Value: combination of benefits received by targeted buyers  (quality, price,  convenience, on-time delivery, and before/after sale service) II. Evolution 1.) Production era: goods were scarce and buyers were willing to accept virtually any goods  that were available 2.) Sales era: manufacturers found they could produce more goods than buyers could  consumer – competition grew 3.) Marketing Concept era: organization should strive to satisfy the needs of consumers  while also trying to achieve the goal 4.) Customer era: continuously satisfy the high expectations of customers -Market Orientation: continuously collect info about needs and wants,  sharing the info, and creating customer value - Utility: benefits/ customer value received by users of the product (form, place,  time, possession) Chapter 2: Develop Successful Strategies I. Goals/ Objectives: measure how well the mission is being accomplished - Profit, Sales, Market Share, Quality, Customer Satisfaction, Employee  Satisfaction, Social Responsibility II. Growth Strategies 1.) Boston Consulting Group (BCG): uses quantified performance measures and growth 
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This document was uploaded on 10/27/2011 for the course MKT 291 at Miami University.

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MKT291 Exam 1 Review -...

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