Final Exam Notes

Final Exam Notes - Chapter 1 I. What is Marketing 22:03...

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Chapter 1 22:03 I. What is Marketing Marketing -The activity for creating, communicating, delivering and exchanging offerings  that benefit the organization, its stakeholders and society at large Marketing Department  focuses on assessing and satisfying consumer needs Marketing Dept cont. .-  look outward, keeping the organization focused on creating  value both for it and for customers Requirements for Marketing to Occur 1. Two or more parties w/ unsatisfied needs 2.A desire and ability on their part to be satisfied 3. A way for the parties to communicate 4. Something to exchange Central Concerns of Marketing Market- people with both the desire and the ability to buy a specific product Target Market-  One or more specific groups of potential consumers toward which an  organization directs its marketing program Marketing Mix- The marketing manager’s controllable factors that can be used to solve  a marketing problem 4P’s Controllable Marketing Mix Factors 1. Price 2. Product 3. Promotion 4. Place II. Consumer Needs and Wants
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Customer Value-  The unique combination of benefits received by targeted buyers that  includes quality, convenience, on-time delivery, and both before-sale and after-sale  service at a specific price. Exchange-  the trade of things of value between buyer and seller so that each is better  off after trade Utility-  the benefits or customer value received by users of the product 4 types of Utility 1. Form 2.Place 3.Time 4.Posession
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Chapter 2 22:03 Kinds of Organizations Profit- the money left after a business firm’s total expenses are subtracted from its total  revenues and is the reward for the risk it undertakes in marketing its offerings Non Profit Organization-   A non-governmental organization that serves its customers  but does not have profit as an organizational goal. Organization-  a legal entity of people who share a common mission Organizational Culture-  a set of values, ideas, attitudes, and norms of behavior that is  learned and shared among the members of an organization Mission Statement-  a statement of the organization’s function in society, often  identifying its customers, markets, products, and technologies.  Strategic Business Unit (SBU)-  a subsidiary, division, or unit of an organization that  markets a set of related offerings to a clearly defined group of customers Functional Level-  where groups of specialists actually create value for the organization Role of the Marketing Department: to look outward keeping the organization focused on  creating value both for it and for customers Goals or Objectives-  statements of an accomplishment of a task to be achieved, often  by a specific time.
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This note was uploaded on 03/27/2012 for the course MKTG 01 taught by Professor Okoro during the Spring '12 term at Howard.

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Final Exam Notes - Chapter 1 I. What is Marketing 22:03...

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