BUAD301 Midterm: BUAD301-Exam1

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University of Delaware
Business Administration

Marketing Exam 1 1. Characteristics of Marketing a. Marketing performance of activities that seek to accomplish an organizations objectives by anticipating customerclient needs and directing a flow of goods from producer to client b. Pure subsistence economy each family produces everything it consumes 2. Characteristics of macro marketing a. Directs economys flow of goods from production to consumers to match supply and demand b. Focus not on activities of individual 3. Universal functions of marketing a. Buying b. Selling c. Transporting d. Storing e. Standardization f. Financing g. Risk taking h. Market information 4. How marketings role has changed over the years a. Simple trade era families traded and sold surplus output to local distributors who resold them b. Production era company focuses on production of fewer specific products c. Sales era increased selling due to increased competition d. Marketing Department era marketing activities brought under control of one department to improve short run policy planning e. Marketing company era people develop long run plans and whole company effort is guided by marketing concept 5. Marketing concept and customer value a. CUSTOMER SATISFACTION, TOTAL COMPANY EFFORT, PROFIT b. Triple bottom line measures orgs economic, social and environmental outcomes c. Marketing concept i. Analyzing needs, predicting wants ii. Estimate demand iii. Determine where iv. Estimate Price v. Decide Promotion vi. Estimate competition vii. Provide service d. Customer satisfaction is the path to profits e. Customer value difference between benefits that customers perceive and the cost of obtaining those benefits f. Marketing Orientation vs Production Orientation
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