Marketing-3401-Exam-1-Review - Marketing 3401 Exam 1 Review...

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Marketing 3401 Exam 1 Review Chapter 1: 1. What is marketing? a. An 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 b. A philosophy, an attitude, a perspective, a management orientation + a set of activities including: products, pricing, promotion, distribution 2. What are the 4 P’s? Who are they centered around? a. Product b. Place c. Promotion d. Price i. They are all centered around the consumers/target audience 3. Marketing is centered around the exchange process. .. what is the concept of exchange? a. The concept of exchange: the idea that people give up something to receive something thy would rather have b. Do you need to have Money to have an exchange? i. No, example: Russian vodka and Pepsi concentrate c. Ultimate goal of marketing: exchange d. Necessary conditions for Exchange: i. At least 2 parties ii. Something of value iii. Communication and delivery iv. Freedom to accept/reject v. Desire to deal with other party e. Even if the exchange does not take place… marketing always does f. Exchange may not take place even if all of these conditions are met… an agreement must be met 4. The Marketing Concept: the idea that the social and econmic justification for an organization’s existence is the satisfaction of customer wants and neds while meeting organizational objectives. a. Focusing on customer wants and needs to distinguish products from competition. b. Integrating all the organization’s activities to satisfy customer wants and needs c. Achieving the organization’s long-term goals by satisfying customer wants and needs. 5. Marketing Orientation: a. Obtain information about customers, competitors, and markets (through marketing research) b. Examine the information from a total business perspective c. Determine how to deliver superior customer value
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d. Implement actions t provide value to customers e. Establish and maintain mutually rewarding relationships with customers i. Ex. Christmas cards from companies ii. Huge part of marketing f. Sales and Marketing Orientations: i. You can compare these orientations against these 4 categories: 1. Organization’s focus 2. Firms business 3. Those to whom the product is directed 4. Firms primary goal 6. Marketing Management Philosophies: focus on each? Examples on exam to match with… a. Production: focus on internal capabilities of the firm i. “What can we produce the best/easiest?” (70’s) ii. Problem: may or may not be what the consumer wants b. Sales: focus on aggressive sales techniques and believe that high sales result in high profits (80’s) i. Good short term but not long term ii. Problem: lack of satisfaction or did not need… don’t come back in future c. Market: focus on satisfying customer needs and wants while meeting objectives (90’s) i. “Customer Satisfaction” d. Societal: focus on satisfying customer needs and wants while enhancing
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This note was uploaded on 12/04/2011 for the course MKT 3401 taught by Professor Jaber during the Spring '08 term at LSU.

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Marketing-3401-Exam-1-Review - Marketing 3401 Exam 1 Review...

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