marketin291examnotes - Study Guide for Midterm Exam ESSAY...

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Study Guide for Midterm Exam ESSAY QUESTIONS WILL COME FROM CHS. 3, 4, 6 & 9 (4 questions worth 5 points each) Chapter 1 What is Marketing? Is the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large. o Importance of delivering benefits, offering goods, services, and ideas Concept of Exchange key to achieving o discover the needs and wants of prospective customers focus on what the customer benefit is and learn from the past find what they need/want and produce it need—occurs when a person feels deprived of basic necessities such as food, clothing, shelter want—is a need that is shaped by a persons knowledge, culture, and personality o satisfy them trade of things of value between buyer and seller so that each is better off after the trade What is a Market? People with both the desire and ability to buy a specific offering PEOPLE Target Market—one or more specific groups of potential consumers toward which an organization directs its marketing program Marketing Mix (4 Ps) Product—good, service, or idea to satisfy a consumers need Price—what is exchanged for the product Promotion—a means of communication between the seller and buyer Place—a means of getting the product to the consumer Marketing Mix—the 4 p’s—marketing managers controllable forces—product, price, promotion, place o Used to solve a marketing problem Environmental forces—uncontrollable social, economic, tech, competitive, regulatory forces Customer value—unique combination of benefits received by targeted buyers that includes quality, convenience, on time delivery, and both before sale and after sale service Relationship Marketing
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Hallmark of developing and maintaining effective customer relationships o Links organization to its individual customers, employees, suppliers, and partners o Involves a personal, ongoing relationship btwn organization and customer Marketing Program—plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers Stages in Marketing Evolution (Production, Sales, Marketing Concept, Market Orientation) Production—early stages in 1920’s…goods were scarce and buyers were willin to accept anything Sales—1920-1960 manufactures found they could produce more goods than buyers could consume (competition grew) Marketing Concept—idea that an organization should strive to satisfy the needs of consumer and while also trying to achieve the organization’s goals Market Orientation—focuses efforts on continuously collecting information about customers’ needs and sharing this information across departments and using it to create customer value o Customer relations management CRM—identify buyers… Utilities (Form, Time, Place, Possession) Utility—market creates utility, the benefits or customer value received by users of the
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This note was uploaded on 01/19/2012 for the course DSC 205 taught by Professor Krallman during the Spring '08 term at Miami University.

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marketin291examnotes - Study Guide for Midterm Exam ESSAY...

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