Customers form expectations about the value and satisfaction that various

Customers form expectations about the value and

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Customers form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly 4. Exchanges and relationships o Exchange = is the act of obtaining a desired object from someone by offering something in return o Marketing consists of actions taken to build and maintain desirable exchange relationships with target audiences involving a product, service, idea or other object 5. Markets o Market = the set of actual and potential buyers of a product or service
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3.identify the two key questions to answer in the design of a marketing strategy, and explain the five marketing management orientations that guide marketing strategy. (textbook, pp. 9–13) Two important questions: What’s our target market? What’s our value proposition (how can we serve these customers best?) Marketing Mix – the set of marketing tools the firm uses to implement its marketing strategy. 4 P’s of Marketing: 1. Product 2. Price 3. Place 4. Promotion Marketing Management Orientations 5 Alternative Concepts to carry out a marketing strategy: The Production Concept – holds that consumers will favour products that are available and highly affordable o Risk = focusing too narrowly on their own operations The Product Concept – holds that consumers will favour products that offer the most in quality, performance, and innovative features
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