Mkt 320f - Study guides, Class notes & Summaries

place️️making goods and services available in the right quantities and locations--when customers want them channel of distribution️️any series of firms or individuals who participate in the flow of products from producer to final user or consumer direct marketing️️direct communication between a seller and an individual customer using a promotion method other than face-to-face personal selling discrepancy of quantity️️the difference between the quantity of products it is eco...

MKT 320F Questions and Answers Graded A+ Latest Update Which marketing management philosophy focuses on the question, "What do customers want and need?" - Answers Market A company that wants to implement a market orientation would need to: - Answers -do research on its customers, competitors, and markets. -establish and maintain mutually satisfying relationships with customers. -determine how to deliver superior customer value. -implement actions that provide value to customers. ____...

Marketing️️the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Exchange️️people giving up something in order to receive something else they would rather have What are the five conditions of exchange?️️1. There must be at least two parties. 2. Each party has something that might be of value to the other party. 3. Each party is capable of communic...

Segmentation & Targeting Steps/Overview️️1. Defining markets 2. Understanding dimensions to use 3. Identifying segments 4. Deciding on segments to target 5. Using segmentation approaches Differentiation & Positioning Steps/Overview️️1. Understanding customer's views 2. Using positioning techniques 3. Evaluating segment preferences 4. Differentiating the marketing mix 5. Knowing relationship between Positioning & targeting A Market is:️️people or organizations with needs ...

Summarize and explain the purpose of marketing in the organization and the basic marketing concept️️Marketing has three key purposes: (1) to acquire customers, (2) retain those customers, and (3) incentivize those customers to become brand ambassadors and promote the brand to their sphere of influence. Distinguish among the four main firm orientations and their historical connections️️production, sales, marketing, and societal marketing Describe the overview of the marketing discip...