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Marketing 300 (UTK) Exam 1
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Marketing 300 (UTK) Exam 1 Engaging customers and managing profitable relationships ️marketing Marketing looks for -------, or what we can do for each other. Marketing also seek to create ----- for customers, so they can receive it in return. (Look for profitable relationships!) ️exchan...

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  • September 27, 2024
  • 18
  • 2024/2025
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Marketing 300 (UTK) Exam 1
Engaging customers and managing profitable relationships ✔️marketing



Marketing looks for -------, or what we can do for each other. Marketing also seek to create ----- for
customers, so they can receive it in return.

(Look for profitable relationships!) ✔️exchange, value



Marketers engage customers by creating, delivering, and communicating ----- ------. ✔️customer value



Steps in the Marketing Process:

1. Understand the ------ + what the customer wants

2. Design a ------------ strategy

3. Construct an ------- ----- ------ that delivers superior customer value

4. Engage --------, build profitable relationships, and create customer delight

5. Capture ------ from customers to create profit and customer equity ✔️1. market place

2. customer-value driven

3. integrated marketing program

4. customers

5. value



The 4 Ps of Marketing ✔️Price, Product, Place, Promotion



states of felt deprivation



physical: food, warmth, safety

social: belonging and affection

individual: knowledge and self expression ✔️needs

,form taken by human needs when shaped by culture and human personality ✔️wants



human wants that are backed by buying power ✔️demands



Needs, wants, and demands help marketers discover ----- ----, which can vary across cultures and groups.
✔️customer value



Marketing Management Orientations/Philosophies:

1. ------ -------: consumers want products that are available and highly affordable; focuses on high-speed
efficiency and distribution ✔️production concept



Marketing Management Orientations/Philosophies:

2. ------- ------: customers will favor products with the best quality, performance, and features; focuses on
new product development/research ✔️product concept



Marketing Management Orientations/Philosophies:

3. ------- -------: customers won't buy enough of a firm's products unless they undertake a large scale
selling and promotion effort; focus on advertising + promotion + large sales force ✔️selling concept



Marketing Management Orientations/Philosophies:

4. ------- -------: achieving org. goals depends on the needs/wants of target markets, and delivering the
desired market and brand better than the competitors do

(split into 4 groups: product, price, place, promotion) ✔️marketing concept



Marketing Management Orientations/Philosophies:

5. ----- ------ ------: company marketing decisions should consider consumer's wants, company
requirements, consumers' long-run interest, and society's long-run interest

(Ex: Apple, Starbucks) ✔️societal marketing concept



paying more attention to the specific products than to the benefits and experiences produced by those
products (lose sight of customer needs) ✔️marketing myopia

, Old Definition of this = "selling + telling"

New Definition = satisfying customer needs + customer engagement ✔️marketing



a set of marketing tools that work together to engage customers, satisfy needs, and build relationships
(4 Ps are this!) ✔️marketing mix



fulfill customer needs and wants; combo of products + services, info, and experiences ✔️market
offerings



A set of actual and potential buyers of a product/service ✔️market



dividing market into segments of customers ✔️market segmentation



set of benefits or values it promises to deliver to satisfy customer needs ✔️value proposition



customer's evaluation of the difference between all the benefits and costs of a market offering relative
to those of competing offers ✔️customer-perceived value



depends on perceived performance relative to a buyer's expectations ✔️customer satisfaction



consumers play a bigger role in shaping their own brand experiences ✔️consumer-generated
marketing



a channel stretching from raw materials, to components, to final products that are carried to final
buyers ✔️supply chain



companies strengthen their connections with partners along the supply chain ✔️supply chain
management

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