MGMT 301 Study Guide - Midterm Guide: Marketing Myopia, Customer Relationship Management, Price Fixing
Document Summary
What is marketing: managing profitable customer relations. The marketing concept: types of products, types of customers. Physical objects, people, organizations, places, information, and ideas. Sales concept- consumers will not buy enough of the firm"s products unless the firm undertakes a large-scale selling and promotion effort. Production concept- consumers will favor products that are available and highly affordable. Product concept- consumers will favor the product that offers the most quality. Marketing myopia- a philosophy in which achieving goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors doe. Societal marketing concept- idea that the company"s marketing decisions should consider consumers" wants, the company"s requirements, consumers" long run-interests, and society"s long run-interests. Marketing process model: steps in the process, consumer touch points. What is the marketing environment; why is it important: the actors and forces outside marketing that affect marketing management"s ability to build and maintain successful relationships with target customers.
