MKBU 3225 Midterm: MKTG midterm - review sheet
23 Jan 2019
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Document Summary
Wants : needs shaped by culture and individual personality. Demands : wants backed by buying power: understand market place for needs + wants, marketing process : (pg 28) Market offering, marketing myopia, exchange, market: design customer-driven marketing strategy. See #3: construct integrated marketing program that delivers superior value. Customer relationship mgmt, customer-perceived value, customer satisfaction: build profitable relations/create customer delight. Customer-managed relationships, consumer-generated mktg, partner relationship mgmt: capture value from customers for profit and customer equity. Customer lifetime value, share of customer, customer equity: all concepts marketing mgmt orientations. Production: consumers will favor stuff that is available & affordable. Management should focus on improving production and distribution efficiency. Product: consumers will favor products that offer the most quality, performance, and features. Management should focus on making continuous product improvements. Selling: consumers will not buy enough of the firm"s products unless the firm undertakes a large-scale selling/promotion effort.
