Test 1 Review

Test 1 Review - Review Sheet: Chapter 1 TERMS- Marketing...

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Unformatted text preview: Review Sheet: Chapter 1 TERMS- Marketing plan specifies the marketing activities for a specific period of time.- Exchange – is the trade of things of value between the buyer and seller so that each is better off as a result.- Marketing Mix- knows as the 4 P’s, is the controllable set of activities that the firm uses to respond to the wants of its target markets.- Goods- are items that can be physically touched- Service- are intangible customer benefits that are produced by people or machines and cannot be separated from the producer.- Ideas- includes thoughts, opinions, and philosophies, and intellectual concepts such as these also can be marketed.- Price- is everything the buyer gives up- B2C- Business to consumer marketing- B2B- Business to business- C2C- Consumer to Consumer- Value- reflects the relationship of benefits to costs, or what you get for what you give.- Transaction orientation- regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance.- Relational orientation- is based on the philosophy that buyers and sellers should develop a long-term relationship.- Customer relationship management – a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers.- Supply chain- the groups of firms that make and deliver a given set of goods and services. YOU WILL BE HELD RESPONSIBLE FOR THE FOLLOWING MATERIAL: Chapter 1 - Overview • In what industry is Procter & Gamble? o Consumer product Company • What was the previous positioning of Tide? o Superior Functional Performance • How did Tide find out about its brand image? o Relationship with customers • After investigating, what was important to women in terms of laundry detergent? o Appearance • What is marketing? o Marketing is managing profitable customer relationships • What is not marketing? o Just buyers and sellers exchanging money o Simply about making a profit o A random activity • What are the core aspects of marketing? What is entailed in each core? (key terms, definitions, etc.) o Satisfying needs & wants o Marketing entails an exchange: any 2 parties, something of value o Decisions related to the 4ps/marketing mix (product, price, place, promotion) o Individuals & organizations (b2b, b2c, c2c) o Occurs in various settings: profit and non-profit entities, developing entire industries o Creates value: production oriented era, sales oriented, market oriented, and value based marketing • What is value? Why is it important to marketers? What is value-based marketing? How is it achieved?...
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This note was uploaded on 11/30/2011 for the course MKT 201 taught by Professor Fine during the Spring '09 term at Clemson.

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Test 1 Review - Review Sheet: Chapter 1 TERMS- Marketing...

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