midterm study guide

midterm study guide - Study Guide for Midterm Exam CHAPTER...

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Study Guide for Midterm Exam CHAPTER 1: Creating Customer Relationships and Value through Marketing Marketing the activity for creating and delivering offerings that benefit the organization, its stakeholders, and society -Stresses the importance of delivering genuine benefits in the offerings of goods, services, and ideas marketed to customers Concept of Exchange trade of things of value between buyer and seller so that each is better off -Marketing seeks to 1. Discover needs and wants of prospective customers and (2) to satisfy them Market people with a desire and ability to buy a specific offering; all potential customers Target Market specific group of potential customers toward which an organization directs its marketing program Marketing Mix (4 Ps) Product - a good, service, or idea to satisfy the customer’s needs Price - What is exchanged for the product Promotion - a means of communicating between the seller and buyer Place - a means of getting the product to the customer Relationship Marketing linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit -Involves a personal, ongoing relationship before and after sale Stages in Marketing Evolution (Production, Sales, Marketing Concept, Market Orientation) How Marketing Became So Important: 1 . Production era (early years of US until 1920s) - Goods were scarce and buyers were willing to accept virtually any goods that were available to make do with them 2. Sales era ( 1920s-1960s) - Manufacturers found they could produce more goods than buyers could consume. Competition grew. Firms hired more salespeople to find new buyers. 3. Marketing Concept Era (1960s) - idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals
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4. Market Orientation - focusing efforts on continuously collecting information about customers’ needs, sharing this information across departments, and using it create customer value Led to CRM (customer-relationship management) - process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so buyers will choose them in the marketplace Utilities (Form, Time, Place, Possession) Utility the benefits or customer value received by users of the product Form - production of the good or service Place - having the offering available where customers need it Time - having it available when needed Possession - value of making an item easy to purchase through the provision of credit cards or financial arrangements CHAPTER 2: Developing Successful Marketing and Organizational Strategies Levels in Organization (Corporate, SBU, Functional) Organization - legal entity of people who share a common mission Corporate Level - top management (BOD, CEO, etc. .) directs overall strategy of firm Strategic Business Unit (SBU) - a subsidiary, division, or unit of an organization that markets a set
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midterm study guide - Study Guide for Midterm Exam CHAPTER...

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