F11_MCS-1000_ExamNotes.pdf

28 Pages
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Department
Marketing and Consumer Studies
Course Code
MCS 1000
Professor
Lianne Foti

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Description
Fall 2011 MCS 1000 Notes Marketing 1000 Final Exam Study Notes NeedsWantsDemands NeedsStates of felt deprivation including basic physical needs for food clothing warmth and safety Social needs for belonging and affection individual needs for knowledge and selfexpression these needs were not created by marketers theyre basic part of human make up ex need for shelter foodWantsForm of human needs that take as shaped by culture and individual personalityWe need food but we want Big Macs DemandsHuman wants that are backed by buying power we as consumers demand products that we believe will satisfy our wantsMarketing Concepts The Production Concept Production Conceptthe idea that the buyers will favour products that are widely available and highly affordable management should focus on improving production and distribution efficiency useful in two situations when demandsupply and when the products cost is too high so the company can use improved efficiency to bring it down can cause marketing myopiabusinesses can lose sight of the real objective of building customer relationships by satisfying customers needs The Product Concept Product Conceptthe idea that buyers will favour products that offer the most in quality performance and innovative features marketing strategy should focus on making continuous product improvements The Selling Concept Selling Conceptthe idea that the market will not buy enough of the firms products unless it undertakes a largescale selling effort typically used with unsought goods such as insurance and blood donations used when a firm faces overcapacity marketing focuses on selling what they make rather than what the market wants focus on creating sales transactions rather than building longterm customer relationships The Marketing Concept Marketing Conceptthe marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do customer focus and value are the paths to sales and profits wwwuofgexamnetworkcomFall 2011 MCS 1000 Notes job is to find the right products for your customers The Societal Marketing Concept Societal Marketing Concepta principle of enlightened marketing that holds that marketing strategy should deliver value to the organizations customers in a way that maintains or improves the wellbeing of society questions whether the pure marketing concept overlooks possible conflicts between the shortterm needs and wants of individuals and the longrun welfare of societyStrategic Planning Strategic Planningthe process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing market opportunities strategic planning involves adapting the firm to take advantage of opportunities in its constantly changing environment Corporate Level Defining Company MissionSetting Company Objectives and GoalsDesigning the Business Portfolio Business Unit Product and Market Level Planning Marketing and Other Functional Strategies marketing planning occurs at the business unit product and market level and it supports company strategic planning with more detailed plans for specific market opportunitiesif you fail to plan you are planning to failStrategic Business Unit Strategic Business Unit SBUa unit of the company that has its own mission and objectives and that can be planned independently from other company businessesService Profit Chain ServiceProfit Chainthe chain that links service firm profits with employee and customer satisfaction reaching service profits and growth begins with taking care of those who take care of customers Five links 1 Internal Service Quality superior employee selection and training quality work environment strong support for those dealing with customerswhich results in 2 Satisfied and Productive Service Employeeswhich results in 3 Greater Service Valuemore effective and efficient customer value creation and service delivery which results in 4 Satisfied and Loyal Customerswhich results in 5 Healthy Service Profits and Growthsuperior service firm performance wwwuofgexamnetworkcom
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