Marketing 2500 Exam 1 WMU (100% Verified)

what is marketing? correct answers definition off slides: a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with another book definition: process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return what is a market? correct answers the set of actual or potential buyers of a product (originally a place where buyers and sellers gather for exchange) what did economists use the term "market" to describe? correct answers a collection of buyers and sellers in particular product class (i.e. housing and grain) marketing management orientations correct answers production, selling, societal marketing, marketing, product concepts production concept correct answers consumers favor products that are available and highly affordable, management should focus on improving production and distribution efficiency (2 situations this is most useful is demand exceeds supply & product cost is too high) product concept correct answers customers favor products that offer the most in quality, performance, and innovative features. thus, an organization should devote energy to making continuous product improvements example of product concept... correct answers the Kodak example - Kodak first overlooked digital cameras -- Kodak-customers wanted photographic film instead of a way to capture and share memories selling concept correct answers consumers will not buy enough of a firm's product unless it undertakes a large-scale selling and promotion effort (usually on unsought goods like insurance and blood donations) disadvantage of the selling concept correct answers overcapacity issues -- organizations want to sell what they make instead of what the market wants marketing concept correct answers achieving organizational goals depends on knowing the needs and wants of target markets and delivering desired satisfactions better than the competition do societal marketing concept correct answers a company's marketing decisions should consider consumers wants, the company's requirements, consumers long run interests and society's long run interests