ADMS 2200 Study Guide - Midterm Guide: Marketing Myopia, Relationship Marketing, Swot Analysis

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ADMS 2200 Full Course Notes
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ADMS 2200 Full Course Notes
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Chapter 1 marketing: the art and science of satisfying customers. Utility is the want-satisfying power of a good or service. Form utility (conversion of raw materials and components into finished products) Place utility (availability of goods and services at convenient locations) Ownership utility (ability to transfer title to goods and services from marketer to buyer) The three steps are: identify needs in the marketplace, find out which need(s) the organization can profitably serve, and develop a product or service to convert potential buyers into customers. Marketing also involves analyzing customer needs, securing information needed to design and produce products that match buyer expectations, efficiently distributing products, satisfying customer preferences, and creating and maintaining relationships with customers and suppliers. During the sales era, companies assumed customers would resist purchasing products not deemed essential, and that the task of personal selling and advertising was to convince them to buy.

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