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MKT 300 (Exam 1) Already Rated A+ What is Marketing? ️Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return Customer Needs ️States of deprivation Physical—food, clothing, warmth, safe...

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  • September 27, 2024
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  • 2024/2025
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  • MKT 300 Already Rated A+
  • MKT 300 Already Rated A+
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MKT 300 (Exam 1) Already Rated A+
What is Marketing? ✔️Marketing is a process by which companies create value for customers and build
strong customer relationships to capture value

from customers in

return



Customer Needs ✔️States of deprivation

Physical—food, clothing, warmth, safety

Social—belonging and affection

Individual—knowledge and self-expression



Customer Wants ✔️Form that needs take as they are shaped by culture and individual personality



Customer Demands ✔️Wants backed by buying power



Market Offerings ✔️Are some combination of products, services, information, or experiences offered
to a market to satisfy a need or want.



Market Offerings ✔️Is focusing only on existing wants and losing sight of underlying consumer needs.



Understanding the Marketplace
and Customer Needs ✔️*Markets are the set of actual and potential buyers of a product.

*Exchange is the act of obtaining a desired object from someone by offering something in return.



Marketing Management ✔️Is simply customer management and demand management.

What customers will we serve?

How can we best serve or these customers?

, Production concept ✔️Is the idea that consumers will favor products that are available or highly
affordable



Selling concept ✔️Is the idea that consumers will not buy enough of the firm's products unless it
undertakes a large scale selling and promotion effort



Marketing concept ✔️Is the idea that achieving organizational goals depends on knowing the needs
and wants of the target markets and delivering the desired satisfactions better than competitors do



Societal Marketing Concept ✔️the idea that a company should make good marketing decisions by
considering consumers' wants, the company's requirements, consumers' long-term interests, and
society's long-run interests.



The Marketing Mix ✔️The set of tools (four Ps) the firm uses to implement its marketing strategy. It
includes product, price, promotion, and place.



Integrated marketing program ✔️A comprehensive plan that communicates and delivers the intended
value to chosen customers.



Customer Relationship Management (CRM) ✔️The overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction



Customer- Perceived Value ✔️The difference between total customer value and total customer cost



Customer Satisfaction ✔️The extent to which a product's perceived performance matches a buyer's
expectations



Partner Relationship Management (Definition) ✔️involves working closely with partners in other
company departments and outside the company to jointly bring greater value to customers



Partner Relationship Management

(Explanation) ✔️*Partners inside the company is every function area interacting with customers

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