MKT 337 Study Guide - Midterm Guide: Customer Retention, Customer Satisfaction, Marketing Mix
Document Summary
A state(cid:373)e(cid:374)t of (cid:449)hat"s to (cid:271)e a(cid:272)(cid:272)o(cid:373)plished through (cid:373)arketi(cid:374)g activities. Marketing objectives should be: (1) realistic; (2) measureable; (3) time specific; (4) consistent with the priorities of the organization. Potential areas for marketing objectives: (1) sales volume; (2) Revenue; (3) profit; (4) market share; (5) new customers; (6) Revenue per customer; (7) customer retention; (8) quality; and (9) customer satisfaction. Purpose of good marketing objectives: (1) communicate marketing management philosophy; (2) provide management direction; (3) motivate employees; (4) force executives to clarify their thinking; and (5) allowing for better evaluation of results. Marketing strategy development: (1) the activities of selecting and describing one or more target markets and developing and maintaining a market mix that will produce mutually satisfying exchanges with target markets. Target market(s) + marketing mix = desired results. Marketi(cid:374)g mi(cid:454) (cid:894)four p"s(cid:895): a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
