MGMT 105 Lecture 10: Midterm study guide
Document Summary
Intro to marketing (mgmt 105), spring 2018 section b midterm review sheet: what is marketing: definition and possible activities involved in marketing. 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. It involves studying of the consumers and picking the right thing to advertise the product: various philosophies governing marketing activities & issues (benefits and drawbacks) of focusing on either. Production orientation: mastering the process of production. Sales orientation: maximizing sales: marketing concept: definition, customer selection & satisfaction of customer needs and wants. Marketing concept: an org devotes all its efforts towards satisfying its customers at a profit. Start with a well-defined target market, know the needs and wants of target consumers, integrate all marketing activities and deliver the desired satisfactions better than competitors do. Leads to profits by creating lasting customer relationships; anticipating future needs and wants for customers.
