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MKTG 3832 Midterm: Test 1 Study Guide Part 1

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MKTG 3832

Chapter 1 Know the four marketing management philosophies and the characteristics of each (production, sales, market, societal): Production: “What can we do best?” “Where do our talents lie?” (service organizations). “What can our engineers do best?” Ignores customer needs and focuses on efficiently building quality products/services with their resources. Demand>Supply (Example: Ford Model T). Sales: Spend money to attract customers, not to retain. “The products must go.” Targets AVERAGE customer. Market: “We are here for you.” Customers AND competition. Focuses on customer wants and needs to distinguish products from competitors’ offerings. Achieving long term goals by satisfying customer wants and needs legally and responsibly. (Obtain, examine, determine, implement). Societal: An organization exists not only to satisfy customer wants but also to preserve or enhance individuals’ and society’s long-term best interests. Sustainability and retention. What is Customer Relationship Management (CRM)? Links all processes of a company together. Designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups. Customizes products and services for each customer, involving continual dialogue. Know the differences between Sales-orientation VS. Market-orientation. SALES: Inward looking. What the firm makes. Goods and services. Often miss opportunities to serve whose wants can be met through a wide range of product offerings. Making a sale. MARKET: Outward looking. What the market wants. Benefits that customers seek. Must mediate customers wants by sound professional judgement as to how to deliver the benefits they seek. Retaining a customer. What is relationship marketing? A strategy that focuses on keeping and improving relationships with current customers. Chapter 2 What is strategic planning? The managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities. What should it be based on? What the organization’s main activity is at a particular time and how the organization will reach it’s goals. What are strategic business units (SBUs)? They have a distinct mission and specific target market, control over its resources, its own competitors, is
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