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Unformatted text preview: Major chapters have slightly higher number of questions; these are1, 2, 6, 7, 8, 9, and 10 Much fewer from chapters 15-18 72 questions MARKETING 301 REVIEW OF COURSE TERMS/CONCEPTS FALL 2006 Listed below are selected topics/terms with which you should be familiar to do well on the final exam. (The list is not necessarily comprehensive and, although on this sheet, some listed terms obviously may not necessarily appear on a final exam question. Also, since the test is comprehensive, some terms may appear on the test in relation to other terms listed.) GOOD LUCK!!! CHAPTER 1 Objectives: 1. To be able to define marketing 2. To understand several important marketing terms, including target market, marketing mix, marketing exchanges, and marketing environment 3. To be aware of the marketing concept and marketing orientation 4. To understand the importance of building customer relationships 5. To explain the major marketing functions that are part of the marketing management process 6. To recognize the role of marketing in our society Outline: Marketing Defined Customers are the focus Marketing deals with products, price, distribution, and promotion Marketing builds satisfying exchange relationships Marketing occurs in a dynamic environment Understanding the Marketing Concept Evolution of the marketing concept Implementing the marketing concept Managing Customer Relationships Value-Driven Marketing Marketing Management The Importance of Marketing in Our Global Economy Marketing costs consume a sizable portion of buyers dollars Marketing is used in nonprofit organizations Marketing is important to businesses Marketing fuels our global economy Marketing knowledge enhances consumer awareness Marketing connects people through technology Socially responsible marketing can promote the welfare of customers and society Marketing offers many exciting career prospects IMPORTANT TERMS: Stakeholders Those constituents who have a stake, or claim, in some aspect of a companys products, operations, markets, industry, and outcomes; these include customers, employees, investors and shareholders, suppliers, governments, communities, and others Marketing The process of creating, pricing, distributing, and promoting, goods, services, and ideas to facilitate satisfying exchange relationships with customers and other stakeholders in a dynamic environment Value: -- A customers subjective assessment of benefits relative to the costs in determining the worth of a product. In other words, Customer value = customer benefits customer costs Customer benefits Anything desired by the customer that is received in an exchange Customer costs Anything a customer gives up in an exchange for benefits Monetary price of the benefit Search costs (time and effort) to locate the product Risks associated with the exchange Product Goods, services, or ideas that satisfy customer needs...
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- Fall '07