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CSU MKT 300 Exam 1 Complete Solutions

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CSU MKT 300 Exam 1 Complete Solutions Marketing Defined ️the process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment AMA 2004 definition ️Marketing is an organizational fun...

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  • September 27, 2024
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  • CSU MKT 300 Exm 1 Complete Solution
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CSU MKT 300 Exam 1 Complete Solutions
Marketing Defined ✔️the process of creating, pricing, distributing, and promoting goods, services, and
ideas to facilitate satisfying exchange relationships with customers in a dynamic environment



AMA 2004 definition ✔️Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders



4 P's ✔️Product - Goods, services, or ideas that satisfy customer needs



Pricing - Decisions and actions that establish pricing objectives and policies and set product prices



Distribution - The ready, convenient, and timely availability of products



Promotion - Activities that inform customers about the organization and its products



Exchange ✔️The provision or transfer of goods, services, or ideas in return for something of value



Exchange Conditions ✔️Two or more participants have something of value that the other party desires.

Exchange provides mutual benefit/satisfaction.

Each party has confidence in the exchange value of the other party's offering.

Each party must meet the expectations of the exchange to become trusted by the other parties.



Stakeholder ✔️Someone who has influence on company or the company on them



Myopia ✔️nearsightedness, not seeing full picture of possible imagination



Ex. A railroad company only transferring goods instead of people too.

, Contact Points ✔️Successful marketing requires managing and coordinating marketing messages at
every contact point



(i.e. Market to the right demographic for your product)



Unplanned messages ✔️Ex. Dirty parking lot looks bad on company as a whole.



Both planned and unplanned messages are critical and influence customers



Core Competencies ✔️Things a firm does extremely well, which sometimes give it an advantage over its
competition



Market opportunity ✔️A combination of circumstances and timing that permits an organization to
reach a target market



Competitive advantage ✔️The result of a company's matching a core competency to opportunities in
the market place



SWOT analysis ✔️S.trengths

W.eaknesses

O.pportunities

T.hreats



Mission Statement ✔️A long-term view, or vision, of what the organization wants to become



Answers:

Who are our customers?

What is our core competency?

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