FINAL-STUDY-GUIDE-MKT23...not test - Chapter 1: What is...

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What is marketing? o Marketing is the organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. o Planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy the goals of individuals and organizations What are the 4 Ps? And who should they be centered around? o Price, Promotion, Placement Product---Price most flexible. o Four P’s are centered around a target market. Marketing is centered around the exchange process. o Exchange is the idea that people give up something to receive something they would rather have. Know how the 4 P’s, target market, and exchange fit together. o By marketing with the four P’s, one will be able to foster customer value and gain beneficial relationships that will help promote and further facilitate the exchange process. o Production Orientation Philosophy Focuses more on the internal capabilities of the firm rather than on the desires and needs of the marketplace. They ask what is better for us and still sell or benefit customer. Build it they will come. Focuses more on what management thinks they should produce; Produce all you can and customer will buy it. o Sales Orientation Philosophy Based upon the will buy more goods and services if aggressive sales techniques are used and that high sales results in high profits; aggressive sales will convince customers to buy it. o Marketing Orientation Philosophy Based in understanding that a sale does not depend on aggressive sales force, but rather on customer decisions to purchase products Focusing on customer needs and wants, integrating all activities to meet them, and achieving long term goals through the exchange process. . Involves obtaining information about customers, competitors, and markets; examining the information from a total business perspective, determining how to give highest customer value, and implement actions to provide benefits to customers. Also involves maintaining relationships with customers. Understanding your competitive arena and competitors strengths and weaknesses is a critical component of market orientation. A business should be defined in terms of benefits. marketing myopia o Defining a business in terms of goods and services rather than in terms of the benefits that customers seek. o Bad because new technology can quickly make the good or service obsolete and the mission statement irrelevant to company functions. Businesses with narrow mission statements suffer from this; ie. Good to be in snack food rather than corn chip business. Chapter 2: Strategic Marketing
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FINAL-STUDY-GUIDE-MKT23...not test - Chapter 1: What is...

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