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Badm 320 Exam 1 flashcards _ Quizlet - Badm 320 Exam 1...

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9/6/13 Badm 320 Exam 1 flashcards | Quizlet quizlet.com/19475064/badm-320-exam-1-flash-cards/ 1/12 Marketing activity, set of institutions and processes for creating, capturing, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society. What are the eras of the history of marketing? 1.) Product oriented era 2.) Sales oriented era 3.) Market oriented era 4.) Relationship oriented era Product oriented era (up to 1920's) Emphasis on efficient production, the idea that a good product will sell itself. Sales orientation era (1920's-1950's) Emphasis on selling and advertising Market oriented era (1950's-1990's) "Make what customers want". Find a customer need and satisfy it. Focus on achieving long term success. Relationship orientation era (Since 1990's) Takes market orientation further by trying to establish long lasting relationships with all customers. Transaction based marketing Short term focus, anything happening before or after transaction is of little importance. Results in high marketing costs because constantly trying to attract new customers. Relationship based marketing Long term focus, ongoing communication and trust between customer and seller, encourage repeat purchases. Results in lower marketing costs. Wants vs. Demands Wants: Desires of individuals Demands: Wants of individuals that have buying power to satisfy wants. Marketing myopia Narrow mission of company limits its ability to serve new markets .(TV company mission is to Order by Default Badm 320 Exam 1 About this set Created by: cakora2 on February 7, 2013 119 terms Terms Definitions
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9/6/13 Badm 320 Exam 1 flashcards | Quizlet quizlet.com/19475064/badm-320-exam-1-flash-cards/ 2/12 provide cable TV, misses out on internet service, etc.) Demarketing Marketing designed to reduce demand. Ex: antismoking advertising. Value proposition Bundle of benefits a product provides to fulfill customer needs and wants. Market Individuals, groups or organizations with need or want for a product, willingness to purchase and ability to purchase. ALL 3 TERMS MUST BE TRUE FOR IT TO BE A MARKET. Market segmentation Dividing a market into distinct groups that have unique homogeneous needs, are identifiable and reachable. What are the 4 P's of marketing? (Marketing mix) 1. Product 2. Price 3. Place 4. Promotion What are the consumer 4 C's? 1. Customer solution 2. Cost 3. Convenience 4. Communication Market Share The % of total industry or product-category sales over period of time controlled by one company. Marketing Planning Planning at the product or product line level with a one year time horizon. What are the steps in the market Planning process? 1. Define the mission 2. Determine objectives 3. Analyze resources, risks, & opportunities (Porter's 5 forces) 4. Formulate a strategy 5. Implement strategy 6. Monitor and adapt What are the 3 phases of the marketing plan?
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