406 exam 1 study guide

406 exam 1 study guide - 406 EXAM 1 CH.1 1 Learning the...

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406: EXAM 1 CH.1 1. Learning the marketing process o Understand the marketplace and customer needs and wants o Design a customer-driven marketing strategy o Construct an integrated marketing program that delivers superior value o Build profitable relationships and create customer delight o Capture value from customers to create profits and customer quality 2. Marketing : managing profitable customer relationships o Process by which companies create value for customers and build strong relationships in order to capture value from customers in return o Needs, wants, and demands o Market offerings o Value and satisfaction o Exchanges and relationships o Markets 4. Marketing myopia: occurs when sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products--they focus on the "wants" and lose sight of the "needs" 5. Marketing management orientations: o Production concept Holds that consumers will favor products that are available and highly affordable o Product concept Holds that consumers will favor products that offer the most in quality, performance, and innovative features o Selling concept Holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort o Marketing concept Holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do o Societal marketing Questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare 6. Integrated marketing o 4 Ps Product Price Place Promotion 7. Customer-perceived value: the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers 8. Customer relationship groups: o Butterflies- potentially profitable but not loyal
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o True friends- both profitable and loyal There is a strong fit between their needs and the company's offerings o Barnacles- highly loyal but not very profitable Most problematic customers o Strangers- low profitability and not very loyal CH.2 9. Strategic planning : the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities 10. Growth-share matrix: o Stars: high-growth, high-share business or products Need heavy investment to finance their rapid growth o Cash cows: low-growth, high-share They product a lot of cash that the company uses to pay its bills and support other SBUs that need investment o Question marks: low-share business units in high-growth markets They require a lot of cash to hold their share o Dogs: low-growth, low-share businesses and products They may generate enough cash but do not promise to be large sources of cash
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406 exam 1 study guide - 406 EXAM 1 CH.1 1 Learning the...

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