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Marketing Exam Study!

      • Like suppliers, marketing intermediaries form in important component of the company’s value delivery system, its quest is to create satisfying customer relationships

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    Customers

    • There are three broad types of customers that an organization may serve

      • Consumers

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          Are individuals who buy goods and services for their own use or “consumption”, they typically buy items one at a time, do not negotiate prices, and buy from retailers

      • Business buyers

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            Fall into one or more subcategories

            • Some use to purchase goods and services for use in their production process

            • Others include resellers such as retailers and wholesalers, who buy goods from manufacturers or producers to resell at a profit

            • And every business also buys supplies, such as pens, paper, computers, and telephone services

      • Government buyers

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            Purchase goods and services to produce public services or transfer goods and services to others who need them

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      Competitors

      • The marketing concept states that to be successful, you must provide greater customer value and satisfaction that competitors do

      • Marketers must also gain strategic advantage by positioning their offerings strongly against their competitors’ offerings in the minds of those customers

      • No competitive single marketing strategy is best for all companies

      • Each firm should consider its own size and industry position compared with those of its competitors

      • There are many different strategies for different companies

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      Publics

      • Any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives

      • Seven different types of publics

      • Financial publics

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            Influence company’s ability to obtain funds

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            Banks, investment houses, and stockholders are major financial publics

      • Media publics

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            Carry news, features, and editorial opinion

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            Newspapers, magazines, radio, television stations

      • Government publics

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            Management must take government developments into account, marketers must consult the company’s lawyers on issues of product safety, truth in advertising, and other matters

      • Citizen-action publics

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            A company’s marketing decisions may be questioned by consumer organizations, environmental groups, minority groups, and others

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