Exam1review

Exam1review - Chapter 1 Marketing: an organizational...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/15/2012 for the course MKT 300 taught by Professor Eaton during the Fall '08 term at ASU.

Page1 / 4

Exam1review - Chapter 1 Marketing: an organizational...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online