[MKT 1001] - Midterm Exam Guide - Everything you need to know! (12 pages long)

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St. John's University
MKT 1001
MIDTERM EXAM
STUDY GUIDE
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marketing
the activity, set of institutions, and processes for
creating, communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners, and society at large.
exchange
people giving up something in order to
receive something else they would
rather have.
production orientation
a philosophy that focuses on the internal
capabilities of the firm rather than on the
desires and needs of the marketplace.
sales orientation
the belief that people will buy more goods and
services if aggressive sales techniques are used
and that high sales result in high profits.
marketing concept
the idea that the social and economic justification
for an organizations existence is the satisfaction of
customer wants and needs while meeting
organizational objectives.
market orientation
a philosophy that that assumes that a sale does not
depend on an aggressive sales force but rather on
a customers decision to purchase a product ; it is
synonymous with the marketing concept.
societal marketing orientation
the idea that an organization exists not only to satisfy
customer wants and needs and to meet organizational
objectives but also to preserve or enhance individuals' and
societys' long- term best interests.
customer value
the relationship between benefits and
the sacrifice necessary to obtain those
benefits
customer satisfaction
customer's evaluation of a good or
service in terms of whether is has met
their needs and expectations
relationship marketing
a strategy that focuses on keeping and
improving relationships with current
customers
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empowerment
delegations of authority to solve customers
problems quickly- usually by the first person
the customer notifies regarding the problem
teamwork
collaborative efforts of people to
accomplish common objectives
customer relationship management
(CRM)
a company wide business strategy designed to
optimize profitability, revenue, and customer
satisfaction by {focusing on highly defined and
precise customer groups}
on- demand marketing
delivers relevant experience throughout the
consumer's decisions and buying process that are
integrated across both physical and virtual
environments
Define the term
marketing.
Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large. Marketing also requires all facets of a company to work together to pool ideas
and resources. One major goal of marketing is to create an exchange. An exchange has five
conditions, as listed below. Even if all five conditions are met, however, an exchange might not
occur. People engage in marketing whether or not an exchange happens
5 conditions of
exchange
1.Must be at least two parties.
2.Each party has something that might be of value to the other party.
3.Each party is capable of communication and delivery.
4.Each party is free to accept or reject the exchange offer.
5.Desire to deal with other party.
Describe 4 marketing management
philosophies.
. The role of marketing and the character of marketing activities within an organization are strongly
influenced by the organization's marketing philosophy and orientation. A production- oriented organization
focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. A
sales orientation is based on the beliefs that people will buy more products and services if aggressive sales
techniques are used and that high sales volumes produce high profits. A market-oriented organization focuses
on satisfying customer wants and needs while meeting organizational objectives. A societal marketing
orientation goes beyond a market orientation to include the preservation or enhancement of individuals' and
society's long-term best interests.
Discuss the differences between sales
and market orientations.
First, sales-oriented firms focus on their own needs; market-oriented firms focus on customers' needs and
preferences. Second, sales-oriented companies consider themselves to be deliverers of goods and services,
whereas market-oriented companies view themselves as satisfiers of customers. Third, sales-oriented firms
direct their products to everyone; market-oriented firms aim at specific segments of the population. Fourth,
sales-oriented organizations place a higher premium on making a sale, while market- oriented businesses
seek a long-term relationship with the customer. Finally, sales-oriented businesses pursue maximum sales
volume through intensive promotion, whereas market- oriented businesses pursue customer satisfaction
through coordinated activities.
Describe several reasons for studying
marketing.
First, marketing affects the allocation of goods and services that influence a nation's economy
and standard of living. Second, an understanding of marketing is crucial to understanding most
businesses. Third, career opportunities in marketing are diverse, profitable, and expected to
increase significantly during the coming decade. Fourth, understanding marketing makes
consumers more informed.
4 P's
product, place, promotion,
price.
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