MGMT 105 Midterm: MGMT 105 Midterm Review Sheet
Document Summary
Intro to marketing (mgmt 105) midterm review sheet. Marketing: the act of promoting or selling products or services that have value to customers at large. Production concept (mastering the production process: be(cid:374)efit: keeps (cid:272)o(cid:373)pa(cid:374)(cid:455)(cid:859)s (cid:272)osts do(cid:449)(cid:374), (cid:373)aki(cid:374)g produ(cid:272)ts widely available and inexpensive, drawback: products are basic and may not satisfy the needs of certain customers. Sales concept (maximizing sales: benefit: high profits, drawback: (cid:374)egle(cid:272)ts the (cid:272)usto(cid:373)ers(cid:859) (cid:374)eeds a(cid:374)d (cid:449)a(cid:374)ts (cid:271)e(cid:272)ause (cid:272)o(cid:373)pa(cid:374)(cid:455) o(cid:374)l(cid:455) fo(cid:272)uses o(cid:374) making money. Combination of production, product, and sales concept. Focuses on a well-defined target market: companies must decide who they want to serve (impossible to satisfy all customers) Knows the needs and wants of the target customers and aims to satisfy them. Leads to profit by developing long lasting customer relations. Retaining customers can lead to long term profit: loyal customers are willing to pay higher prices, satisfied customers will give good referrals to others and most likely purchase more products.
