MGMT 105 Study Guide - Spring 2018, Comprehensive Midterm Notes - Marketing Mix, Time, Psychographic
12 Oct 2018
School
Department
Course
Professor
MGMT 105
MIDTERM EXAM
STUDY GUIDE
Fall 2018
Mgmt 105 Lecture 1
● Marketing is a philosophy, an attitude, a perspective
○ Set of activities that you do that establish health and wealth of brand
● Marketing sets up an exchange
○ At least two parties
○ Something of value
○ Communication and delivery
○ Freedom to accept or reject
○ Desire to deal with other party
● Does an exchange automatically happen if conditions of both parties are met?
○ No bc conditions don’t make the final decision
● Has marketing occurred even if exchange does not take place?
○ Yes
● Marketing is setting up the conditions for an exchange
○ Tell the person what their needs are and how we meet them
● Four marketing management philosophies
○ Production: internal capability of the firm
■ What can we make or do best?
○ Sales: aggressive sales technique
■ How can we make more sells?
○ Market: satisfying consumer needs and wants
■ What do customers want and need?
○ Societal: satisfy consumer needs while also enhancing societal wellbeing
■ What do customers want/need and how can we benefit society?
● We want to be market orientation
○ Focus on consumer wants and needs to differentiate products from competitors’
offerings
○ All organizations activities are to satisfy wants and drive growth and profit
○ Achieving the organization’s long term brand and financial goals by satisfying
consumer wants and needs legally and responsibly
● We achieve this by
○ Obtain info about consumers, competitors and overall markets
○ Examine the info for key insights
find more resources at oneclass.com
find more resources at oneclass.com
○ Create strategic plan to deliver superior consumer value based on the insights
○ Implement actions to provide value to consumer such that an exchange is
desired and takes place again and again
■ Even if more expensive
● Sales are so focused, they give up long term satisfaction to achieve a sell
● Creating consumer value
○ Include consumers in creation process
■ Market research, asking consumer opinions
○ Ensure products deliver the promise
■ Get clothes whiter, give lasting entertainment
○ Avoid unrealistic pricing
○ Give the buyer valuable information
○ Offer organization-wide commitment in service and after-sales support
■ Inside company, predisposition to help
○ Build trust with the marketplace via relationship marketing
● Relationship marketing focuses on keeping and improving relationships with consumers
○ I have the customers, how do I keep them
○ Creating a relationship, driving volume
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Marketing is a philosophy, an attitude, a perspective. Set of activities that you do that establish health and wealth of brand. Societal: satisfy consumer needs while also enhancing societal wellbeing. Focus on consumer wants and needs to differentiate products from competitors" offerings. All organizations activities are to satisfy wants and drive growth and profit. Achieving the organization"s long term brand and financial goals by satisfying consumer wants and needs legally and responsibly. Obtain info about consumers, competitors and overall markets. Create strategic plan to deliver superior consumer value based on the insights. Implement actions to provide value to consumer such that an exchange is desired and takes place again and again. Sales are so focused, they give up long term satisfaction to achieve a sell. Offer organization-wide commitment in service and after-sales support. Build trust with the marketplace via relationship marketing. Relationship marketing focuses on keeping and improving relationships with consumers. I have the customers, how do i keep them.
