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MKT 300 Exam 1 Verified Answers

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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...

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  • September 27, 2024
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  • MKT 300 Exm 1 Verified Answer
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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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