MKT 300 Exam 1 Verified Answers
What is marketing? ️Activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offers that have VALUE for customers, clients, partners and society at large.
Customer Orientation ️An organizational philosophy that fo...
MKT 300 Exam 1 Verified Answers
What is marketing? ✔️Activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offers that have VALUE for customers, clients, partners and society at large.
Customer Orientation ✔️An organizational philosophy that focuses on satisfying consumer needs and
wants.
How does exchange impact customers? ✔️Exchange - process in which 2+ parties provide something of
value to one another. Relationship Marketing - builds customer loyalty. Interactive and ongoing two-way
connections among customers, organizations, suppliers, and other parties for mutual benefit.
Purpose of Marketing ✔️1. To encourage trial of a product, stimulate repeat purchases, and to provide
utility.
2. To serve the needs of society, providing value, and accomplishing goals of the organization.
*Create valuable exchanges that provide utility.
Needs vs. Wants ✔️Needs - Fundamental requirements (college)
Wants - specific form of consumption (MSU)
4 Ps ✔️Product - which to develop and what to drop Price - achieve good profit and reflect value Place -
right channels
Promotion - encouraging purchases
What is utility? ✔️"Value"
When marketing brings the many parties together and facilitate exchanges.
Forms of Utility ✔️Form - materials converted to finished goods
Place - making things conveniently available
Time - available when they're wanted
, Ownership - the possibility of transferring the title
Relationship between value, satisfaction, and loyalty. ✔️Value = Satisfaction + Loyalty
*Satisfaction (overall rating)
*Loyalty (how often)
Marketing Eras:
Production ✔️1900s - 1920s
New products
Efficient Production
Marketing Eras:
Sales ✔️1930s - 1960s
Convince customers to buy
Marketing Eras:
Customer ✔️1960s - 2000s
Satisfaction
Loyalty
Marketing Eras:
Value ✔️2000s - 2010s
Feedback
Focus on customers
Marketing Eras:
Social Media ✔️2010 - Present
One-On-One Relationships
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