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Customers form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly4.Exchanges and relationshipsoExchange = is the act of obtaining a desired object from someone by offering something in returnoMarketing consists of actions taken to build and maintain desirable exchange relationships with target audiences involving a product, service, idea or other object5.MarketsoMarket = the set of actual and potential buyers of a product or service
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.Product2.Price3.Place4.PromotionMarketing Management Orientations5 Alternative Concepts to carry out a marketing strategy:The Production Concept– holds that consumers will favour products that are available and highly affordableoRisk = focusing too narrowly on their own operationsThe Product Concept– holds that consumers will favour products that offer the most in quality, performance, and innovative features