Foxman Marketing 3340 Exam 1

What elements are necessary for marketing to occur? - Answer- Two or more parties with unsatisfied needs The desire/ability to satisfy those needs A way for the parties to communicate Some sort of exchange What are the goals of marketing? - Answer- Discover/assess the needs/wants of prospective customers Satisfy those needs and wants through exchanges 4 P's of Marketing - Answer- Product, place, price, promotion (customer at the center) Evolution of Market Orientation - Answer- Production Concept Product Concept Selling Concept Marketing Concept Production Concept - Answer- High distribution, low costs (ex: Ford's factory line model) Product Concept - Answer- Focus on producing superior products to attract new customers ("if you build it, they will come") Selling Concept - Answer- Shove ads down consumers throats and hope they eventually buy it Marketing Concept - Answer- Assess and satisfy customer wants and needs more effectively/efficiently Market Orientation - Answer- Customer focus - firm focuses on constantly collecting info on consumers and using this info to generate sales Customer Relationship Management (CRM) - Answer- Combo of branding and studying potential