MKTG 361 EXAM 1 LATEST UPDATE GRADED A+

MKTG 361 EXAM 1 LATEST UPDATE GRADED A+ marketing the activity for creating, communicating, delivering, and exchanging offerings that have value for customers exchange people giving up something in order to receive something they would rather have conditions needed for exchange to be POSSIBLE 5 conditions needed for exchange to be possible: 1) there must be at least two parties 2) each party has something that might be of value to the other 3) each party can communicate and deliver 4) each party can accept or reject the exchange offer 5) each party believes it is acceptable to deal with other party marketing philosophies 4 marketing philosophies (PMSS) 1) production orientation 2) sales orientation 3) marketing orientation 4) social orientation production orientation focus on internal strengths of the firm sales orientation focus on aggressive sales technique and belief that high sales result in high profits marketing orientation focus on satisfying customer needs and wants while meeting objectives social orientation focus on customer needs while enhancing societal well being differences between sales and marketing orientation 4 differences between two orientations 1) the firm focus and business 2) those to whom the product is directed 3) the firms primary goal 4) tools used to achieve these goals customer satisfaction the customers' evaluation of a service in terms of whether it has met their expectations ways to expand market share 3 ways to increase market share 1) attract new customers 2) increase business with existing customers 3) retain current customers relationship marketing strategy that focuses on keeping and improving relationships with current customers tools sales oriented firms use to achieve its goals seek to generate sales volume through promotions and advertising tools market oriented firms use to achieve its goals 4 tools used (four Ps) 1) product decisions 2) place decisions 3) price decisions 4) promotion decisions value of price decisions delivering value value of promotion decisions communicating value value of product decision creating value value of