MKT 3401 : Marketing Test 1 Study Guide
Document Summary
Marketing isn"t just about selling goods and services. 4 marketing management philosophies: production- what can we make or do best, focuses on internal capabilities rather than desires/needs, doesn"t consider whether the goods they produce also meet needs of the. Customer value- relationship between benefits and sacrifice necessary to obtain those benefits: 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. Important to business: good career opportunities, role in everyday life. Planning- process of anticipating future events and determining strategies to achieve organizational objectives in the future. Marketing planning- designing activities relating to marketing objectives and the changing marketing environment. Marketing plan- a written document that acts as a guidebook of marketing activities for the marketing manager.