MKTG TEST 1 -Red

MKTG TEST 1 -Red - Chapter 1 Marketing is the process of...

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Chapter 1 Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy the individual and organizational objectives . OR a social, economic and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others. ( Exchange is the clue concept!) What is marketing? Is A Philosophy (that stresses customer satisfaction), An Attitude, A Perspective, A Management Orientation. Plus A Set of Activities, the 4Ps, including: Products, Pricing, Promotion, and Distribution (place). Exchange is the idea that people give up something to receive something they would rather have. The Necessary Conditions for Exchange are: At Least Two Parties, Something of Value, Communication and Delivery, Freedom to accept or Reject, Desire to Deal with Other Party. The four marketing management philosophies are: Production ( internal capabilities of the firm ), Sales ( PROMOTION (often through price ) and aggressive sales techniques and believe that high sales result in high profits), Market (Satisfying customer needs and wants while meeting objectives ( WalMart )), Societal (Satisfying customer needs and wants while enhancing individual and societal well-being) The Marketing Concept is the idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives To achieve a Market Orientation you need to: Obtain information about customers, competitors, and markets, Examine the information from a total business perspective, Determine how to deliver superior customer value (ratio of benefits to sacrifice) , Implement actions to provide value to customers, Establish and maintain mutually rewarding relationships with customers Relationship Marketing is the name of a strategy that entails forging long-term partnerships with customers, both individuals and firms. Is a strategy that focuses on keeping and improving relationships with current customers. In order to build Building Long-Term Relationships a company should understand:
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MKTG TEST 1 -Red - Chapter 1 Marketing is the process of...

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