Mkt 301 Exam 1 Study Guide
Chapter 1
Marketing: the 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 giving up something in order to receive something they would rather have.
Conditions necessary for exchange to occur:
1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer,
5. Each party believes it is appropriate or desirable to deal with the other party.
The four marketing management philosophies:
Production: Focuses on internal capabilities of the firm rather than desires of the marketplace. “What can we do best?”
Sales: Based on aggressive sales techniques and believes that high sales results in high profit; do not always understand what is important to customers.
Market (and marketing concept): Satisfying customers’ needs and wants while still meeting organizational objectives. What a business thinks it’s producing is not important; it’s what CUSTOMERS THINK they are buying-the perceived value- that defines a business.
Societal: The organization exists to satisfy customer needs and wants while enhancing individual and societal well-being.
Customer satisfaction: Customers’ evaluation of a good or service in terms of whether it has met their needs and expectations.
Customer value: The relationship between benefits and the sacrifice necessary to obtain those benefits.
Chapter 2
Strategic planning: The managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.
Marketing plan: A written document that acts as a guidebook of marketing activities for the marketing manager. Reasons to write a marketing plan
• Provides a basis for comparison of actual and
Marketing: the 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 giving up something in order to receive something they would rather have.
Conditions necessary for exchange to occur:
1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer,
5. Each party believes it is appropriate or desirable to deal with the other party.
The four marketing management philosophies:
Production: Focuses on internal capabilities of the firm rather than desires of the marketplace. “What can we do best?”
Sales: Based on aggressive sales techniques and believes that high sales results in high profit; do not always understand what is important to customers.
Market (and marketing concept): Satisfying customers’ needs and wants while still meeting organizational objectives. What a business thinks it’s producing is not important; it’s what CUSTOMERS THINK they are buying-the perceived value- that defines a business.
Societal: The organization exists to satisfy customer needs and wants while enhancing individual and societal well-being.
Customer satisfaction: Customers’ evaluation of a good or service in terms of whether it has met their needs and expectations.
Customer value: The relationship between benefits and the sacrifice necessary to obtain those benefits.
Chapter 2
Strategic planning: The managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.
Marketing plan: A written document that acts as a guidebook of marketing activities for the marketing manager. Reasons to write a marketing plan
• Provides a basis for comparison of actual and