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IBM 301 Study Guide - Winter 2019, Comprehensive Final Exam Notes - Marketing Mix, Internet, Subgroup


Department
International Business and Marketing
Course Code
IBM 301
Professor
Hongbum Kim
Study Guide
Final

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IBM 301

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Chapter 1: An Overview of Marketing
American Marketing Association Definition of Marketing
Marketing is the activity, set of institutions, and the process for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large
Marketing entails processes that focus on delivering value and benefits to customers, not
just selling goods and services
Exchange
Conditions for Exchange:
At least 2 parties
Something of value
Communication and delivery
freedom to accept or reject
Desire to deal with other party
Exchange may not take place even if conditions are met
An agreement must be reached
marketing occurs even if exchange does not take place
The Four Marketing Management Philosophies
Production: internal capabilities of the firm
Sales: aggressive sales techniques and belief that high sales result in higher profits
Market: satisfying customer needs and wants while meeting objectives
Societal: satisfying customer needs and wants while enhancing individual and societal
well-being
Production Orientation
Field of Dreams Orientation
“If you build it, it will come”
Doesn't consider if what is produced meets market needs
Sales Orientation
Marketing = selling things & collecting money
Disregards market needs and consumer demands (wants)
Despite the quality of sales force, often cannot convince people to buy what is neither
wanted nor needed
Market Orientation
Focusing on customer wants and needs to distinguish products from competitors’
offerings
Integrating all the organization’s activities to satisfy these wants
Achieving the organizations long - term goals by satisfying customer wants and needs
legally and responsibly
Achieving a Marketing Orientation
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Obtain information about customers, competitors, and marketing
Examine the information from a total business perspective
Determine how to deliver superior customer value
Implement actions to provide value to customers
Societal Marketing Orientation
An organization exists not only to satisfy customer wants but also to preserve or enhance
individuals’ and society’s long-term best interests
Example:
Less toxic products
More durable products
Products with reusable or recyclable materials
Who’s in charge?
Increased availability of comparative research enables customers to shop smarter, putting
the customer in the driver seat
Questions That Help Determine Marketing Philosophy
Production: What can we make or do best?
Sales: How can we sell more aggressively?
Marketing: What do customers want and need?
Societal: What do customers want/need, and how can we benefit society?
The Organization’s Purpose
Sales Orientation: inward looking what the firm wants
Market Orientation: outward looking what the market wants
Customer Value Requirements
Offer products that perform
Earn trust
Avoid unrealistic pricing
Give the buyer facts
Offer organization-wide commitment in service and after-sales support
Co-creation with customers
Customer Satisfaction
The customers’ evaluation of a good or service in terms of whether that good or service
has met their needs and expectations
Relationship Marketing
Strategy that focuses on keeping and improving relationships with customers
Successful strategies needed:
Customer-oriented personnel
Effective training programs
Empowered employees
teamwork
Defining a Firm’s Business
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