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MKT 300 Eaton ASU Exam 1 Guaranteed A+ What is Marketing? ️An organizational function and a collection of processes designed to plan for, create, communicate and deliver value to custoemrs and build effective customer relationships in ways that benefit the organization and its stakeholders....

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  • September 27, 2024
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MKT 300 Eaton ASU Exam 1 Guaranteed A+
What is Marketing? ✔️An organizational function and a collection of processes designed to plan for,
create, communicate and deliver value to custoemrs and build effective customer relationships in ways
that benefit the organization and its stakeholders.



Marketing is about: ✔️Creating Exchanges

Identity

Connections

Relationships

Solving Customer Problems



What are the 4 P's of Marketing ✔️Product

Price

Promotion

Place (Distribtuion)



- A combination of factors that can be controlled by a company to influence consumers to purchase its
products



What are the Conditions for Exchange? ✔️Two parties

Something of value

Communication and delivery

Freedom to accept or reject

Desire to deal with other parties



What are Demographics? ✔️Variables that allow us to group people together, an example would be
age or gender.

, What are Psychographics? ✔️They are what makes us different from one another, attitudes,
aspirations, causes.



What is the Marketing Concept? ✔️A consumer oriented philosophy of fulfilling customer needs above
all else.



What are the key ideas of the Marketing Production Philosophy ✔️Focus on efficiency of internal
operations



This technique is very old and outdated it was used by Henry Ford during his era.



What are the key ideas of the Marketing Market Philosophy ✔️Focus on satisfying customer needs and
wants



Began in the 1980s due to the size of the global market. Companies began getting more and more
competitive especially with the emerging computers and the internet. Companies began focusing on the
customer.



What are the key ideas of the Marketing Sales Philosophy ✔️Focus on aggressive techniques for
overcoming customer resistance



This started in the Great Depression due to lack of customers, companies needed to begin advertising to
create demand.



What are the key ideas of the Marketing Societal Philosophy ✔️Focus on satisfying needs and wants
while enhancing individual and societal well-being



Ethical and environmentally friendly, Companies are now starting to realize the benefits of becoming
environmentally aware. Companies such as General Mills and Toyota have taken this strategy.



What is Market Orientation ✔️Understanding your customers needs by, Gathering market intelligence
by talking to your customers, and then disseminate the knowledge to your company and then
coordinate a response.

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