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Marketing Exam Study!

Needs/Wants/Demands Needs

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    States of felt deprivation, including basic physical needs for food, clothing, warmth, and safety. Social needs for belonging and affection, individual needs for knowledge and self expression, these needs were not created by marketers; they’re basic part of human make up.

Wants

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    Form of human needs that take as shaped by culture and individual personality

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    We need food, but we want Big Mac’s

Demands

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    Human wants that are backed by buying power

Societal marketing concept

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    A principle of enlightened marketing that holds that marketing strategy should deliver value to the organization’s customers in a way that maintains or improves the well being of society

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    Is a firm that sense, serves, and satisfies immediate needs, wants, and interests of the market always doing what’s best for society in the long run

Three considerations underlying the Societal Marketing Concept

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    Companies need to balance between these 3 concepts

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      Society(human welfare)

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        Consumers(want satisfaction)

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        Company(profits)

Customer relationship management (CRM)

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    Overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

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    One of most important concepts for modern marketing

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    CRM is the generic term for any corporate software system that collects and organizes customer data and provides marketing managers, customer service representatives and sales representatives with powerful information tools

Strategic planning

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    The process of developing and maintaining a strategic fit between the organization’s goals and

capabilities and its changing marketing opportunities

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    “If you fail to plan, you are planning to fail”

Defining a market-oriented mission

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    Mission Statement

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      Organizations exist to marketing something, (good/service/brand/idea)

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        Organizations start with clear purpose or mission, but over time, it may change

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    A clear mission statement guides the people in the organization to do these:

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        1. Core values to which the firm is committed

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        2. Core purpose of the firm

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        3. Visionary goals the firm will pursue to fulfill its mission

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    A market oriented mission statement defines the business in terms of satisfying basic customer needs

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