MKT 305 Study Guide - Fall 2018, Comprehensive Midterm Notes - Lincoln Mkt, Amplitude Modulation, Marketing Mix

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12 Oct 2018
School
Department
Course
MKT 305
MIDTERM EXAM
STUDY GUIDE
Fall 2018
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MKT 305 8-22-18
Wednesday, August 29, 2018
11:00 AM
Marketing's value to consumers, firms, and society
For next week:
EXAM NEXT FRIDAY 9/7
WE HAVE CLASS
Check for study guide
-40 questions
-multiple choice
Chapter 3 homework due 9/5
The Marketing Concept
-customer satisfaction
-total company effort
-profit
-or another measure of long-term success
The triple bottom line (3 p's)
-people
-profit
-planet
Some differences in outlook between adopters of the marketing concept and production-
oriented managers
Topic
Marketing Orientation
Production Orientation
Attitudes
toward
customers
Customer needs determine
company plans
They should be glad we exist,
trying to cut costs and bringing
out better products
Product
offering
Company makes what it can sell
Company sells what it can make
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Role of
marketing
research
To determine customer needs and
how well company is satisfying
them
To determine customer reaction,
if used at all
Interest in
innovation
Focus is on locating new
opportunities
Focus is on technology and cost
cutting
Customer
service
Satisfy customers after the sale and
they’ll come back again
An activity required to reduce
consumer complaints
Focus of
advertising
Need-satisfying benefits of goods
and services
Product features and how
products are made
Relationship
with customer
Customer satisfaction before and
after sale leads to a profitable,
long-run relationship
Relationship ends when a sale is
made
Costs
Eliminate costs that do not give
value to customer
Keep costs as low as possible
***KNOW THE DIFFERENCE BETWEEN AN INTERMEDIARY AND
COLLABORATOR FOR EXAM!!!
Marketing planning
-set objectives
-evaluate opportunities
-create strategies
-prepare marketing plans
-develop marketing program
Implement plans and programs
Control marking plans and program
-measure results
-evaluate progress
Adjust plans as needed
Marketing Mix
Four P's
-product
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Document Summary

Some differences in outlook between adopters of the marketing concept and production- oriented managers. They should be glad we exist, trying to cut costs and bringing out better products. To determine customer needs and how well company is satisfying them. To determine customer reaction, if used at all. Satisfy customers after the sale and they"ll come back again. Customer satisfaction before and after sale leads to a profitable, long-run relationship. Eliminate costs that do not give value to customer. How marketing oriented firms are different from production oriented firms. Many different ways for firms to generate customer value. Satisfying customers leads to a virtuous profitable cycle. Look at terms at the end of every study guide chapter. Clv: all of a person"s purchases over their lifetime in a relationship. Customer equity: revenues and costs of a group of customers over a certain period of time. See how the resources of a firm affect the search for opportunities (learning.

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