MKTG 2030 Study Guide - Midterm Guide: Customer Relationship Management, Affinity Analysis, Strategic Planning
Document Summary
Objective i: what marketing is and how value creation is central to the marketing concept. Marketing: creating, communicating, delivering, and exchanging offerings that have value. Marketing meets needs: customer = businesses/not end-user, consumer = end use. Marketing concept: identifying and satisfying consumer needs to ensure lt profitability. Needs: difference b/w actual state and desired state. Demand: desire for products coupled with resources to obtain them. Market: group of consumers with a common need that can be satisfied by a product: target market: the group of consumers a company chooses to serve. Marketplace: any location/medium used to conduct an exchange. Heart of marketing is an exchange relationship transfer of value b/w buyer and seller. Objective ii: how marketing is decision making process and the planning & marketing mix tools used in the process. Marketing decision making process involves: understanding the opportunity, developing marketing strategy, designing marketing mix, realizing value. For external analysis/environmental analysis: pest (political, social-cultural, economic,
