1st hour exam study guide

1st hour exam study guide - Aug 30 Role of Marketing What...

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Aug 30 Role of Marketing What motivates marketing managers to pursue the marketing concept (i.e., consumer satisfaction at a profit)? What is the value of building long term relationships with customers (why is the notion of "repeated exchanges" included as a component of the marketing concept)? * It’s five elements are crucial for long-term success of a good or service. Consumers will prefer you’re product to that of competitors and relative to their costs. The value of long-term relationships with customers is you build trust with the customer and loyalty. What is lifetime customer value, and how does pursuing the marketing concept encourage and support achieving this value? * The benefit a customer obtains by purchasing a product minus the cost of the product. The marketing concept is consumer-oriented and value-based so it encourages listening to customers and targeting them precisely. Should marketing managers attempt to maximize customer satisfaction (why or why not)? * Marketing managers should attempt to maximize customer satisfaction but must still keep profits in mind. They should attempt to satisfy the customer as much as they can because without satisfaction they will lose the customer to the competitors. They must keep profits in mind though. How has Microsoft's online marketing strategy lost its way? * Microsoft became too enamored with software wizardry, like its new three-dimensional map service, and failed to make a search engine people liked to use. A lot of decisions were driven by technology and not the customer. They found experience can be more important than technology. Also the internet has a very fast and competitive pace than other operating systems. It is also receiving less promotion from Internet Explorer and Windows (Google toolbars now). What marketing decisions are responsible for the success of Apple's retail stores? How are Apple's retail marketing efforts different from those attempted by Gateway and Dell? * Apple stores were supposed to sell gratification not just products. They have one-one consultants which are free. More than half the sales staff is assigned post-sales service. Dell and Gateway let you see it in the store but make you wait at home after you buy it. Apple lets you walk out of the store with your product not wait for a UPS guy. Are textbook publishers "marketing oriented (how are they; how aren't they)? * They are not marketing oriented. Yes they do add value in the textbook but they do not think of the consumer first when producing the good. The prices of textbooks have increased double the rate of inflation in the past decades. It is not customer oriented as more students sweat the prices as they struggle to pay for a college education. They often are just changing the cover of the book, students must search for used copies or online versions to avoid the large prices. Sep 4 Marketing Orientation
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1st hour exam study guide - Aug 30 Role of Marketing What...

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