[MGMT 105] - Midterm Exam Guide - Comprehensive Notes for the exam (20 pages long!)
Document Summary
Intro to marketing (mgmt 105) lecture notes 1. Marketing strategies are constantly changing to create value for customers at large. Production orientation: consistency and low prices, efficiency: must master process of production and the product itself. Market orientation: combination of production and sales orientation: establishes a well-defined target market, knows the needs and wants of target customers, leads to profits by delivering desired satisfactions. Every company must decide who they are serving. Crm (customer retention management): important for companies to retain customers. They will buy more which will increase sales. They will give good referrals to others. Market penetration: increase sales of present products in present markets. Market development: increase sales of present products in new markets. Disadvantage: higher cost, need of more resources. Product development: offering new or improved products in present markets. Disadvantage: higher cost, can confuse customers of your brand or company. Diversification: moving into totally different lines of business new products, new markets.