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Exam1review - Chapter 1 Marketing an organizational...

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Chapter 1 Marketing : an organizational function and a collection of processes designed to plan for, create, communicate, and deliver value to customers and to build effective customer relationships in ways that benefit the organization and tis stakeholders. Marketing is all about: 1. Creating exchanges. 2. Identity. 3. Connections. 4. Relationships. 5. Solving customer problems. Exchanges: necessary conditions: 1. At least 2 parties, 2. something of value, 3. communication and delivery, 4. freedom to accept and reject, 5. desire to deal with other party. The marketing mix: Product, Price, Promotion, Place(distribution) Consumer vs. customer : consumer: use product//customer: buy product. Demographics vs. Psychographics : --demos are necessary but not sufficient to make connections. --demos: similarities//psychos: differences. Marketing Concept : A consumer-oriented philosophy that suggests that satisfaction of consumer needs provides the focus for product development and marketing strategy to enable the firm to meet its own goals. Value---customer relationships---customer loyalty Applying the Marketing Concept: Customer Orientation, coordinated effort, value driven, goal orientation. ------marketing concept----marketing strategy. Marketing Management Philosophies : 1. Production: Focus on efficiency of internal operations. (What can we make or do best?) 2. Sales : Focus on aggressive techniques for overcoming customer resistance. (How can we sell more aggressively?) 3. Market : focus on satisfying customer needs and wants. (What do customers want and need?) 4. Societal: focus on satisfying customer needs and wants while enhancing individual and societal well-being. (What do customers want and need and how can we benefit society?) Market Orientation : An organizational perspective --- puts the philosophy of the marketing concept into practice. 1. Gathering market intelligence. 2. Disseminating knowledge. 3. Coordinated response. IN DETAIL 1: 1. Obtain information about customers, competitors and markets. 2. Determine how to deliver superior customer value. 3. Implement actions to provide value to customers. 4. Establish and maintain mutually rewarding relationships with customers. IN DETAIL 2: 1. Stakeholder Orientation : develop a sufficient understanding of relational partners to be able to create superior value for them.
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2. Competitor Orientation
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