Management and Organizational Studies 2320A/B- Final Exam Guide - Comprehensive Notes for the exam ( 24 pages long!)

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Management and Organizational Studies
2320A/B
Final EXAM
STUDY GUIDE
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Chapter 1
Marketing: set of business practices designed to plan for and present an organizations
products or services in ways that build effective customer relationships
Marketing plan: a written docuent composed of an analysis of the current situation,
opportunities and threats for the firm, marketing objectives and strategy specified in
terms of the four Ps, action programs, and projected or pro forma income (andother
financial) statements
Customer need and wants
Need: person feels deprived of the basic necessities of life, such as food, clothing,
shelter, or safety.
Want: particular way in which a person chooses to fulfill his or her need. Shaped by
knowledge, culture and personality.
Market: refers to the groups of people ho eed or at a opay’s produts or
services and have the ability and willingness to buy them.
Target market: customer segment or group to whom the firm is interested in selling its
products and services
Marketing Entails an Exchange
Exchange: the trade of things of value between the buyer and seller so that each is
better off as a result
Marketing Requires Marketing Mix Decision:
Marketig ix or four P’s: product, price, place, promotion. Controllable set of
activities a firm uses to respond to the wants of its target markets
Product: Creating Value:
Developing a variety of offerings including goods, services, and ideas to satisfy customer
needs.
Goods: items that you can physically touch
Services: intangible customer benefits that are produced by people or machienes and
cannot be separated from the producer.m
Ideas: thoughts, opinions, philosophies, and intellectual concepts that can be marketed.
Price: Transacting Value:
Price: overall sacrifice a consumer is willing to make- money, time, energy- to acquire a
specific product or service
Place: Delivering Value:
All the activities necessary to get the product from the manufacturer or producer to the
right customer when that customer wants it.
Marketing channel management: set of techniques and approaches firms employ to
effectively integrate their suppliers, manufacturers, stores etc into seamless value chain
Promotion: Communicating Value
Informs, persuades, and reminds potential buyers about a product or service to
influence their opinions or elicit a response
&treat four P’s as a hole rather tha opoets
Marketing Can be Performed by Both Individuals and organizations:
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B2C (business to customer): business sells to consumers
B2B (business to business): selling merchandise or services from one business to
another.
C2C (consumer to consumer): consumer sell to other consumers ( ebay, kijiji etc)
Social media: use of digital tools to easily and quicly create and share content to foster
dialogue, social relationships, and personal identities.
Marketing impacts Many Stakeholders:
Marketing is often designed to benefit the entire industry, can help many firm
simultaneously
The Four Orientations of Marketing:
Product Orientation:
Product oriented companies focus on developing and distributing innovative products
with little concern about whether the products best satisfy customer needs
Start by thinking about product they want to build and selling product after it is
developed rather than understanding customer needs first
Sales Orientation:
Companies try to sell as many of their products as possible rather than focus on making
products consumers really want
Heavy doses of advertising to attract new customers
No long term customer relationships
Profit comes from sales volume
Market Orientation:
Focus on what customers want and need before they design, make, or attempt to sell
their product or services
Customers have choice and make purchase decisions based on several factors such as
quality, convenience, pric.
Making marketing integrated processes throughout the entire company rather than one
department
Long term loyal customer
Value- Based Orientation:
Triple bottom line: People (customer needs and wants), profit (Long term profitable
relationships with customers and suppliers) and planet (socially and environmentally
responsible)
Value: reflects the relationship of benefits and costs, what you get for what you give.
Value cocreation: customers act as collaborators to create the product or service
Valuable benefits could include speed, convenience, size, accuracy, price
How do Firms Become More Value Driven?
Sharing Information:
share inforatio aout ustoers ad opetitors aross the fir’s arious
departments
Balancing benefits with costs
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