MARKETNG 301 Study Guide - Midterm Guide: Marketing, Relationship Marketing, Bargaining Power
15 Mar 2016
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Document Summary
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. Value: benefits that exceed the cost of the product/service. Utility: the satisfaction received from owning or consuming a product or service. Brand: a promise to deliver specific benefits associated with products or services to consumers. Organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value. Needs vs wants: needs are necessities to meet urgent requirements, want is a desire for something that is not essential, water vs bottled water. Production orientation: if you build it, they will come idea, a good product will sell itself. Sales orientation: disregards market needs and consumer demand, despite quality of sales force, can"t convince people to buy goods or services that are neither wanted nor needed, more worried about a sale than a relationship.
