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Test 2 Notes

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James Appleyard

MGM 101Marketing Building Customer and Stakeholder Relationships1 What is marketing Marketing is the process of determining customer needs and wants and then developing goods and services that meet or exceed those expectations 2 Name and describe the four eras of marketing Production Era Up to 1900s due to limited production capabilities and demand exceeding supply emphasis was on production Sales Era 1990s1920s as mass production methods were developed and supply exceeding demand emphasis was turned to selling and advertising to customers Marketing Concept Era 1950s1990s after the Second World War increased demand and consumer spending shifted the focus of businesses to customers wants and needs This era gave birth to the marketing concept Customer Relationship Era 1990s 2000s managers expanded the marketing concept by implementing the concept of customer relationship management 3 What are the 3 parts of the marketing conceptCustomer ServiceProfit a Customer orientation find out what customers want and provide it for them b Service orientationcustomer satisfaction is the key objective of all employees c Profit orientation focus on goods and services that will maximize profits4 What is customer relationship management CRM Is the process of learning about customers to satisfy their needs and possibly exceeding their expectations with goods and services over time 5 What are the four Ps of the marketing mix how is it managed1 Product designing a wantsatisfying product 2 Price setting a price for the product 3 Place putting the product in a place where people will buy it 4 Promotingpromoting the product 6 Give examples of how nonprofit organizations prosper from marketing The nonprofit sector is very competitive for donations volunteers and helpa Charities use marketing to raise funds b Politicians use marketing to win votes c Blood services use marketing to find blood donors d Schools use marketing to attract new students7 What are the elements of the 4 Ps of the marketing mix8 Describe the marketing process a Find a need conduct research about the need and identify a target market b Design a product based to meet the need based on research and conduct product testing Once product is developed determine a brand name and package c Set a price for the product d Select a method of distributione Design a promotional program and build a relationship with customers 9 What is test marketing It is the process of testing a product among potential users 10 What is promotion It is all of the techniques sellers use to motivate customers to buy their products11 What is market research Market research is the analysis of markets to determine opportunities and challenges and to find the information needed to make good decisions12 Describe the market research process1 Define the question and determine the present situation 2 Collecting data through research 3 Analyzing the research data 4 Choose the best solution and implement it 13 What is the difference between primary data and secondary data Primary data is data that you gather yourself through personal interviews observations surveys and focus groupsSecondary data is information that has already been compiled and published in journals and books or made available online
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