Marketing Management Review Guide Test 1

Marketing Management Review Guide Test 1 - Marketing...

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Marketing Management Review Guide Chapter 1: Marketing: The process of developing, pricing, promoting, and distributing goods, services, and ideas to satisfy the needs of consumers. Marketing seeks to: (1) discover needs and wants of prospective customers and (2) satisfy them Exchange: Trade of things of value between buyer and seller so that each is better off. 80 to 94 percent of new products don’t succeed in the long run. Need: occurs when a person feels physiologically deprived of basic necessities such as food, clothing, and shelter. Want: a felt need that is shaped by a person’s knowledge, culture, and personality Market: people with the desire and ability to buy a specific product. Target Market: A specific group of potential customers toward which an organization directs its marketing program Marketing Mix: The marketing manager’s controllable factors – product, price, place, and promotion – that can be taken to solve a marketing problem Environmental Factors: Uncontrollable marketing factors such as social, economic, technological, competitive, and regulatory forces Customer Value: Buyers’ benefits including quality, price, convenience, on-time delivery, and before- and after-sale service (has to deal with LTV of customers) Relationship Marketing: Linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit (hard for the bigger companies to try and do because speed is more of an issue) Marketing Program: plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers Marketing Concept: idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals Marketing Orientation: focusing organizational efforts to collect and use information about customers’ needs to create customer value (has led to customer relationship management (CRM) which is the process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions)
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Societal Marketing Concept: view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being (ex: using environment friendly materials in
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Marketing Management Review Guide Test 1 - Marketing...

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