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MKTG Test 0
Terms in this set (32)
What is marketing anyway?
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
5 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 [communication and delivery].
4. Each party is free to [accept or reject] the exchange offer.
5. Each party believes it is [appropriate or desirable to deal] with the other party.
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous with the marketing concept
Societal Marketing Orientation
a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous with the marketing concept. Help society in the process
What can we make or do best?
How can we sell more aggressively?
What do customers want and need?
Societal Marketing Orientation?
What do customers want and need, and how can we benefit society?
sales-oriented firms focus on
their own needs
market-oriented firms focus on
customer needs and preferences
sales-oriented companies consider themselves to be
deliverers of goods and services
market-oriented companies view themselves as
satisfiers of customers
sales-oriented firms direct their products to
market-oriented firms aim at
specific segments of the population
sales-oriented organizations place a higher premium on
making a sale
seek a long term relationship with customers
sales-oriented businesses pursue
max sales volume through heavy promotion
market-oriented businesses pursue
customer satisfaction through coordinated activities
the relationship between benefits and the sacrifice necessary to obtain those benefits
How do customers decide customer value?
customers value goods and services that are of the [quality they expect] and that are [sold at prices they are willing to pay.]
strategy that focuses on keeping and improving relationships with current customers
RM: Customer-Oriented Personnel
For an organization to be focused on building relationships with customers, employees' attitudes and actions must be customer oriented.
RM: The Role of Training
Leading marketers recognize the role of employee training in customer service and relationship building.
In addition to training, many market-oriented firms are giving employees more authority to solve customer problems on the spot; delegation of power
Job performance, company performance, product value, and customer satisfaction all improve when people in the same department or work group begin supporting and assisting each other and emphasize cooperation instead of competition
"What is easy to produce, given our equipment?" In the case of a service organization, managers ask, "What services are most convenient for the firm to offer?" and "Where do our talents lie?"
Production orientation (answer)
The recipe for success is to develop a thorough understanding of your customers and your competition, your distinctive capabilities that enable your company to execute plans on the basis of this customer understanding, and how to deliver the desired experience using and integrating all of the resources of the firm.
Market Orientation (answer)
(lates 1800's- mid 1920's) companies focused on producing quality products that would basically sell themselves
(mid 1920's- mid 1950's) Companies began using advertising and sales representatives to convince people to buy their goods and services. Technology allowed for wide variety of products
(mid 1950's- now) Marketing is involved in researching, pricing, distribution, and promotion of a company's products or services
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