marketing exam - MKTG 350 Exam 1 Review Chapter 1 Marketing...

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MKTG 350 Exam 1 Review Chapter 1 Marketing - the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Core Aspects of Marketing Marketing helps create value Marketing is about satisfying customer needs and wants Marketing entails an exchange Marketing requires product, price, place and promotion decisions Marketing can be performed by both individuals and organizations Marketing occurs in many settings Exchange- the trade of things of value so that both the buyer and seller are better off Marketing Mix 1. Product Creating value Goods- items that you can physically touch Services- intangible customer benefits that are produced by people of machines (cannot be separated from the producer) Ideas- intellectual concepts (thoughts, opinions, and philosophies) 2. Price Capturing Value Not always a monetary price (ex. Money, Time, Energy Sellers must find out what price customers are willing to pay so that they are satisfied 3. Place Delivering value Represents all activity necessary to get the product to the right customer Supply chain management is key for efficiency 4. Promotion Communicating value Can enhance the value of a product Informs, persuades, and reminds buyers about a product Supply Chain Management B2C Marketing: Business to Consumer B2B Marketing: Business to Business C2C Marketing: Consumer to consumer Value : The relationship of benefits and costs (what you get for what you give)
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Marketing Evolution Production-Oriented Era o Turn of the 20 th century o Believed that a good product would sell itself o Henry Ford “customers can have whatever color they want so long as its black” o Concerned with product innovation, not satisfying needs of consumers Sales-Oriented Era o Between 1920-1950 o WWII and Great depression conditioned customers to consume less and manufacture items themselves (Victory Gardens instead of buying produce) o Firms became dependant on heavy doses of personal selling and advertising Market-Oriented Era o 1950-1990 o Customer became king (consumers had choices) o Manufacturers began focusing on what consumers wanted and needed o Firms truly discovered marketing in this era o Most successful firms today are market-oriented Value Based Marketing Era o 1990-present o Firms give their customers greater value than the competitor o Firm must implement its strategy according to what its customers value o Firms must understand what customers view as key benefits and how to improve them Value Driven Companies Sharing Information Balancing Benefits with Costs o Constantly measure the benefits that customers perceive against the cost of their offerings o Use available customer info to find opportunities to better satisfy customer needs, keep costs down, and develop long-term loyalty Building Relationships with Customers o
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