Marketing 3000 Exam 1 Joel Poor
Study online at https://quizlet.com/_570flf
1. Marketing: "Study of exchange"; academic def: learning about marketing from the perspec-
tives of the business and the customer; functional def: facilitation of exchange; long
def: the process of planning and executing the conception, pricing, promotion,
and distribution of ideas, goods and services to create exchanges that satisfy the
individual and organizational objectives
2. Given exchange Communication
definition, what
are the require-
ments that define
the scope of mar-
keting?
3. Marketing's first Discovering consumer needs
task
4. The marketing Before you provide an offering, you have to determine where there are unmet
concept needs. "Make what's desired".
5. Marketing's sec- Satisfying consumer needs with the marketing mix (4 P's).
ond task
6. 4 P's The marketing mix:
= set of decisions marketing managers need to make. This mix is designed for each
target group
1. Product (play place at McD's)
2. Price (values meals and happy meals)
3. Promotion (ads with kids)
4. Place (put in places with lots of young parents)
7. Original market- Revolved around the product. "If we build it, they will come". Known as product-ori-
ing philosophy entation philosophy.
, Marketing 3000 Exam 1 Joel Poor
Study online at https://quizlet.com/_570flf
Best for situations where demand exceeds supply.
Based on idea: product will sell itself through either a low price or high quality.
8. Sales orientation Sell what is made.
philosophy
Internally driven (just like the previous product-orientation philosophy).
This introduced the concept of communication, ONE-WAY communication to the
customer. "Just sell the damn product"
9. Marketing orien- Requires information about the market (potential customers, trends, competitors)
tation philoso- be collected prior to making decisions that involve the selling process.
phy
Depends on two-way relationship with customer.
Characterized
by? Characterized by: customer focus, coordinated marketing effort (all departments
in the firm share in the effort to satisfy customer needs), and long-term success.
10. Relationship Emphasizes the creation and maintenance of long-term relationships with all
marketing participants (customers, suppliers, retailers) in the exchange process.
concept
Why? The cost of attracting new customers is much greater than the cost of keeping
Why? customers.
Service after the sale must be a consideration. Customers tend to stick with
products due to this when there is not a large price difference amount alternatives.
11. 4 types of bene- 1. Functional: ceiling fan, hammer, car, pen
fits you get from 2. Social: social media, cell phones, bars, restaurants, dandriff shampoo, deodor-
products ant
3. Personal: mountain climbing, exercise, education (college)
4. Experiential: vacation, football games, Truman, concerts, massages, amusement
parks
Study online at https://quizlet.com/_570flf
1. Marketing: "Study of exchange"; academic def: learning about marketing from the perspec-
tives of the business and the customer; functional def: facilitation of exchange; long
def: the process of planning and executing the conception, pricing, promotion,
and distribution of ideas, goods and services to create exchanges that satisfy the
individual and organizational objectives
2. Given exchange Communication
definition, what
are the require-
ments that define
the scope of mar-
keting?
3. Marketing's first Discovering consumer needs
task
4. The marketing Before you provide an offering, you have to determine where there are unmet
concept needs. "Make what's desired".
5. Marketing's sec- Satisfying consumer needs with the marketing mix (4 P's).
ond task
6. 4 P's The marketing mix:
= set of decisions marketing managers need to make. This mix is designed for each
target group
1. Product (play place at McD's)
2. Price (values meals and happy meals)
3. Promotion (ads with kids)
4. Place (put in places with lots of young parents)
7. Original market- Revolved around the product. "If we build it, they will come". Known as product-ori-
ing philosophy entation philosophy.
, Marketing 3000 Exam 1 Joel Poor
Study online at https://quizlet.com/_570flf
Best for situations where demand exceeds supply.
Based on idea: product will sell itself through either a low price or high quality.
8. Sales orientation Sell what is made.
philosophy
Internally driven (just like the previous product-orientation philosophy).
This introduced the concept of communication, ONE-WAY communication to the
customer. "Just sell the damn product"
9. Marketing orien- Requires information about the market (potential customers, trends, competitors)
tation philoso- be collected prior to making decisions that involve the selling process.
phy
Depends on two-way relationship with customer.
Characterized
by? Characterized by: customer focus, coordinated marketing effort (all departments
in the firm share in the effort to satisfy customer needs), and long-term success.
10. Relationship Emphasizes the creation and maintenance of long-term relationships with all
marketing participants (customers, suppliers, retailers) in the exchange process.
concept
Why? The cost of attracting new customers is much greater than the cost of keeping
Why? customers.
Service after the sale must be a consideration. Customers tend to stick with
products due to this when there is not a large price difference amount alternatives.
11. 4 types of bene- 1. Functional: ceiling fan, hammer, car, pen
fits you get from 2. Social: social media, cell phones, bars, restaurants, dandriff shampoo, deodor-
products ant
3. Personal: mountain climbing, exercise, education (college)
4. Experiential: vacation, football games, Truman, concerts, massages, amusement
parks
