Exam Notes.docx - Marketing is an organizational function and a collection of processes designed to plan for create communicate and deliver value to

Exam Notes.docx - Marketing is an organizational function...

This preview shows page 1 - 2 out of 10 pages.

Marketing is 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 its stakeholders Marketing Mix definitions: set of marketing functions (four p’s) 1) product : developing products 2) price : setting prices low prices may suggest value 3) promotion : stimulating demand through promotional activities 4 ) place (distribution): could be a retail outlet where it is sold communicates something about the item. Ex: clothing item being sold at walmart or at an outlet store prices will differ. Concept of Exchange : Exchange means we are willing to give up something of value Necessary conditions for exchange: At least two parties / something of value / communicating and delivery / freedom to accept or reject / desire to deal with other party Demographics vs. Psychographics o Demographics: Demographics are necessary but not always sufficient to make connections, it is something used to group people together like a g.p.a. o Psychographics are the differences between the different groups of people for example, Ferraris are purchased by rich people but not all rich people will buy a Ferrari because some of them buy more conservative cars. Marketing Concept o 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. o Marketing concept explained: value -> customer relationships -> customer loyalty o Marketing concept applied: Commitment to delivering superior customer satisfaction o Apply the marketing concept: Customer orientation / Coordinated effort / value driven / goal orientation all of these are forms of marketing strategies competition helps companies differ and see what they each do different Marketing Management Philosophies Philosophies and its key ideas: Production : focus on efficiency of internal operations what can we make or do best? Sales: focus on aggressive techniques for overcoming customer resistance how can we sell more aggressively? Market: focus on satisfying customer needs and wants what do customers want and need? Societal : focus on satisfying customer needs and wants while enhancing individual and societal well-being

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture