MKT Ch. 1
Card Set Information
MKT Ch. 1
A philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction.
An organizational activity, set of institutions, and processes.
The activity, set of institutions, and processes for creating, communicating, delivering,and exchanging offerings that have value for customers, clients, partners,and society at large.
AMA's definition of marketing
Marketing entails processes that focus on... not just...
delivering value and benefits to customers, selling goods and services.
The 5 conditions for an exchange to happen in marketing. (ASCFD)
1. At least 2 parties
2. Something of value
3. Communication and delivery
4. Freedom to accept or reject
5. Desire to deal with other party
An exchange... even if conditions are met.
may not take place
In an exchange, an agreement...
must be reached.
Marketing occurs even if... does not take place.
The 4 marketing management philosophies. (PSMS)
This MM philosophy focuses on internal capabilities of the firm.
This MM philosophy focuses on aggressive sales techniques and believes that high sales result in high profits.
This MM philosophy focuses on satisfying customer needs and wants while meeting objectives.
This MM philosophy focuses on satisfying customer needs and wants while enhancing individual and societal well-being.
The MM philosophy that doesn’t consider if what is produced meets market needs.
The production MM philosophy is also known as the...
"Field of Dreams" philosophy
The MM philosophy that disregards market needs and consumer demand.
Despite the quality of the sales force, the... MM philosophy often cannot convince people to buy what is neither wanted nor needed.
3 examples of the societal MM philosophy. (LMP)
1. Less toxic products
2. More durable products
3. Products with reusable or recyclable materials
What question does the production MM philosophy focus on?
What can we make or do best?
What question does the sales MM philosophy focus on?
How can we sell more aggressively?
What question does the market MM philosophy focus on?
What do customers want and need?
What question does the societal MM philosophy focus on?
What do customers want/need, and how can we benefit society?
2 parts of the sales orientation. (IW)
1. Inward looking
2. What the firm makes
2 parts of the market orientation. (OW)
1. Outward looking
2. What the market wants
Sales vs Market orientations.
Primary Profit Goal:
Tools to Achieve:
-Selling goods and services, Satisfying wants and needs
-Everybody, Specific groups of people
-Maximum sales volume, customer satisfaction
-Primarily promotion, coordinated use of marketing activities
4 reasons to study marketing.
1. Important to society
2. Good career opportunities
3. Important to business
4. Affects you everyday