Exam 1 Study Guide - Marketing Study Guide Exam I...

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Marketing Study Guide: Exam I 562-483-2156 562- 483-2156 Chapter 1: Developing Customer Relationships and Value through Marketing 1. Provide a definition of marketing to a friend. How does it compare to the AMA’s definition? Marketing is the process of planning and executing the conception, pricing, and promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Marketing focuses on discovering and satisfying consumer needs. As defined by AMA: Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. 2. Describe a market and a target market. Potential customers make up a market which is 1. people, 2. with the desire and 3. with the ability to buy a specific product. Marketing must concentrate its efforts on certain needs of a specific group of potential customers. This is a target market --one or more specific groups of potential customers toward which an organization directs its marketing program. 3. Compare the controllable marketing mix factors with the uncontrollable environmental factors. Why can you control the marketing mix? idea to satisfy consumer’s needs), price, promotion (a means of communication between the seller and buyer), and place. These are what a person can take to solve a marketing problem. They are, in other words, under the control of the marketing department in an organization. The uncontrollable environmental factors can be placed into five groups: social, economic, technological, competitive, and regulatory forces. Examples are what consumers themselves want or need. These factors are uncontrollable and serve as accelerators or brakes on marketing. Once the target market is specified, the firm must take steps to satisfy their needs. These controllable factors are the marketing actions of price, promotion, place, and product that he or she can take to solve a marketing problem. 4. Describe the various orientations/eras that have affected American business. How did marketing become so important? There were four eras: Production Era: Goods were scarce in this era so buyers were willing to accept any goods that were produced and make do with them as best as they could. The notion was that products would sell themselves so the major concern was production, not marketing. This era continued though the 1920’s. Sales Era: In this era, firms discovered that they could produce more goods than their regular buyers could consume. Competition grew. Therefore, more salespeople were hired to
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attract new buyers—Pillsbury salesforce. This era continued into the 1950’s and into the 1960’s for many American firms.
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