MKTG 2500 MIDTERM REVIEW QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTIONS VERIFIED
Defining Marketing
Marketing is
an organizational function
and set of processes
for
creating, communicating, and delivering value tocustomers and managing customer
relationships
in ways that benefit
the organization and its employees, customers,investors, and society as a whole.
What is Marketed?
Goods, services, events, experiences, persons, places, properties, organizations,
information, ideas
What is a Market?
A market is...
1. people or organizations with
2. needs or wants, and with
3. the ability and
4. the willingness to buy.
A group of people that lacks any one of these characteristics is not a market!
, The Role of Marketing in Organizations
Marketing's role is to understand the organization's customers and markets in an effort
to develop strategies to sell products or services that produce profit.
Marketing management is the art and science of choosing target markets and getting,
keeping, and growing customers through creating, delivering, and communicating
superior customer value.
Marketing Management Tasks
Developing marketing strategies and plans
Capturing marketing insights
Connecting with customers
Building strong brands
Creating value
Delivering value
Communicating value
Creating successful long-term growth
Company Orientations to the Market
Production Orientation
Sales Orientation
Product Orientation
Market/Customer Orientation
Societal Marketing Orientation
Holistic Marketing Orientation
Production Orientation
WITH COMPLETE SOLUTIONS VERIFIED
Defining Marketing
Marketing is
an organizational function
and set of processes
for
creating, communicating, and delivering value tocustomers and managing customer
relationships
in ways that benefit
the organization and its employees, customers,investors, and society as a whole.
What is Marketed?
Goods, services, events, experiences, persons, places, properties, organizations,
information, ideas
What is a Market?
A market is...
1. people or organizations with
2. needs or wants, and with
3. the ability and
4. the willingness to buy.
A group of people that lacks any one of these characteristics is not a market!
, The Role of Marketing in Organizations
Marketing's role is to understand the organization's customers and markets in an effort
to develop strategies to sell products or services that produce profit.
Marketing management is the art and science of choosing target markets and getting,
keeping, and growing customers through creating, delivering, and communicating
superior customer value.
Marketing Management Tasks
Developing marketing strategies and plans
Capturing marketing insights
Connecting with customers
Building strong brands
Creating value
Delivering value
Communicating value
Creating successful long-term growth
Company Orientations to the Market
Production Orientation
Sales Orientation
Product Orientation
Market/Customer Orientation
Societal Marketing Orientation
Holistic Marketing Orientation
Production Orientation
