Marketing Midterm Study Guide

Marketing Midterm Study Guide - Module 1 Marketing is a...

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Module 1 Marketing – is a social and managerial process by which individuals and groups obtain Needs – are states of deprivation Physical – food, clothing, warmth, safety Social – belonging and affection Individual – knowledge and self-expression Wants – are the form that needs take as they are shaped by culture and individual personality Demands – are wants backed by buying power Market Offering – are some combination of products, services, information or experiences offered to a market to satisfy a need or want Example: physical objects; persons; places; organizations; ideas Customer Value – is the difference between total customer value and total customer cost. Example: FedEx The Value Proposition : is the set of benefits and values a company promises to deliver to customers to satisfy their needs. Customer Satisfaction – is the extent to which a product’s perceived performance matches a buyer’s expectations. Example: Your Car Total Quality Management – designed to constantly improve the quality of products, services, and marketing processes. Relationship Marketing – is a market strategy whose objective is to establish and maintain a profitable, long-term relationship with a customer, which goes beyond the initial contact. ( Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction.) Customer perceived value is the difference between total customer value and total customer cost. Customer satisfaction is the extent to which a product’s perceived performance matches a buyer’s expectations. Markets – are the set of actual and potential buyers of a product
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Marketing Management – is the art and science of choosing target markets and building profitable relationships with them. What customers will we serve? How can we best serve these customers? Marketing Management Philosophies – Production concept : is the idea that consumers will favor products that are available or highly affordable. Product concept : is the idea that consumers will favor products that offer the most quality, performance, and features for which the organization should therefore devote its energy to making continuous improvements. Selling concept : is the idea that consumers will NOT buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort. Marketing concept : is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do. Societal Marketing concept
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This note was uploaded on 03/19/2012 for the course MAR 3023 taught by Professor Any during the Fall '08 term at FIU.

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Marketing Midterm Study Guide - Module 1 Marketing is a...

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