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MKTG 3000- Midterm Exam Guide - Comprehensive Notes for the exam ( 44 pages long!)

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University of Utah
MKTG 3000
Alan Sandomir

[MKTG 3000] Comprehensive spring guide including any lecture notes, textbook notes and exam guides.find more resources at READING NOTES • Marketing: activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large • Exchange: people give up something in order to receive something else they would rather have • Conditions for exchange ◦ At least two parties ◦ Each party has something that might be of value to the other ◦ Each party capable of communication and delivery ◦ Each party free to accept or reject the exchange offer ◦ Each party believes it’s appropriate or desirable to deal with the other • Marketing management philosophies ◦ Production orientation: philosophy focused on internal capabilities of the firm rather than on the demands of the marketplace ◦ Sales orientation: belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits ◦ Marketing orientation: philosophy assuming that a sale doesn’t depend on aggressive sales force but rather on a customer’s decision to purchase a product; synonymous to marketing concept ▪ Marketing concept: idea that social and economic justification for an org’s existence is the satisfaction of customer wants and needs while meeting org objectives ◦ Societal marketing orientation: idea that org exists not only to satisfy customer wants and needs and to meet org objectives, but also to preserve or enhance individuals’ and society’s long-term best interests • The customer is in charge of everything — if they don’t buy, nobody in the org has a job or power • Differences between sales and market orientations ◦ Org’s focus: ▪ Sales tend to be inward focused, market outward focused ▪ Customer value: relationship between benefits and sacrifice necessary to obtain those benefits ▪ Market oriented firms offer products that perform, earn trust, avoid unrealistic pricing, give buyers facts, offer org-wide commitment, and co-create ▪ Customer satisfaction: customers’ evaluation of a good or service in terms of whether it has met their needs and expectations ▪ Building relationships ▪ Relationship marketing: strategy focused on keeping and improving relationships with current customers ▪ Customer-oriented personnel ▪ Role of training is stronger in market-oriented ▪ Empowerment is more common in market-oriented find more resources at
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