MKT 300 (Exam 1) Already Rated A+
What is Marketing? ️Marketing is a process by which companies create value for customers and build
strong customer relationships to capture value
from customers in
return
Customer Needs ️States of deprivation
Physical—food, clothing, warmth, safe...
MKT 300 (Exam 1) Already Rated A+
What is Marketing? ✔️Marketing is a process by which companies create value for customers and build
strong customer relationships to capture value
from customers in
return
Customer Needs ✔️States of deprivation
Physical—food, clothing, warmth, safety
Social—belonging and affection
Individual—knowledge and self-expression
Customer Wants ✔️Form that needs take as they are shaped by culture and individual personality
Customer Demands ✔️Wants backed by buying power
Market Offerings ✔️Are some combination of products, services, information, or experiences offered
to a market to satisfy a need or want.
Market Offerings ✔️Is focusing only on existing wants and losing sight of underlying consumer needs.
Understanding the Marketplace
and Customer Needs ✔️*Markets are the set of actual and potential buyers of a product.
*Exchange is the act of obtaining a desired object from someone by offering something in return.
Marketing Management ✔️Is simply customer management and demand management.
What customers will we serve?
How can we best serve or these customers?
, Production concept ✔️Is the idea that consumers will favor products that are available or highly
affordable
Selling concept ✔️Is the idea that consumers will not buy enough of the firm's products unless it
undertakes a large scale selling and promotion effort
Marketing concept ✔️Is the idea that achieving organizational goals depends on knowing the needs
and wants of the target markets and delivering the desired satisfactions better than competitors do
Societal Marketing Concept ✔️the idea that a company should make good marketing decisions by
considering consumers' wants, the company's requirements, consumers' long-term interests, and
society's long-run interests.
The Marketing Mix ✔️The set of tools (four Ps) the firm uses to implement its marketing strategy. It
includes product, price, promotion, and place.
Integrated marketing program ✔️A comprehensive plan that communicates and delivers the intended
value to chosen customers.
Customer Relationship Management (CRM) ✔️The overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction
Customer- Perceived Value ✔️The difference between total customer value and total customer cost
Customer Satisfaction ✔️The extent to which a product's perceived performance matches a buyer's
expectations
Partner Relationship Management (Definition) ✔️involves working closely with partners in other
company departments and outside the company to jointly bring greater value to customers
Partner Relationship Management
(Explanation) ✔️*Partners inside the company is every function area interacting with customers
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