MKT 337 Study Guide - Midterm Guide: Customer Relationship Management, Marketing Mix
Document Summary
Marketing: 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. The (cid:373)arketi(cid:374)g (cid:373)i(cid:454) is the 4 p"s. Marketing orientation focuses on what customers want and need. By virtue of who and what is involved: (1) everyone is involved somehow, at multiple levels; (2) enormous levels of resources at stake; (3) competition is fierce. Balancing needs of various stakeholders: (1) customers; (2) A(cid:374) orga(cid:374)izatio(cid:374)"s role is to satisf(cid:455) custo(cid:373)er (cid:449)a(cid:374)ts a(cid:374)d (cid:374)eeds while meeting organizational objectives. Fundamentally, marketing includes 2 core activities: (1) Disco(cid:448)er custo(cid:373)ers" (cid:374)eeds a(cid:374)d (cid:894)2(cid:895) satisf(cid:455) custo(cid:373)ers" (cid:374)eeds. With the ultimate responsibility of generating revenue for the organization. Perceived value = (function s thing)(what you get) / (what you pay) = (function s thing)(product * place * promotion) / (price) Sales: aggressive sales techniques and belief that high sales result in high profits. Market: satisfying customer needs and wants while meeting objectives.
