MKTG 1001 Quiz: Study Guide Test 1 Fall 2016
Document Summary
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Product- a firm must first create a need-satisfying market offering. Price- a firm must decide how much it will charge for the offering. Place(distribution)- a firm must decide how it will make the offering available to target consumers. Promotion- a firm must communicate with target customers about the offering and persuade them of its merits. Production concept- the idea that consumers will favor products, that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency. Product concept- the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements. Marketing myopia- the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
