MGT 103 Midterm DeMill | Questions and Correct Solutions 2024

MGT 103 Midterm DeMill | Questions and Correct Solutions 2024 Marketing Seeks to: 1. Discover consumer needs through research 2. Satisfy them with a marketing program by having the right combination of product, price, promotion, place Requirements for marketing to occur Two+ parties with unsatisfied needs A desire and ability to be satisfied A way for the parties to communicate and make purchase Something to exchange Relationship marketing Developing and maintaining effective customer relationships Links organization to individual customers, employees, and suppliers for mutual long term benefit Marketing segments Similar groups of prospective buyers who 1. Have a common need and 2. Will respond similarly to a marketing action Market orientation focuses its efforts on(1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value Customer relationship management (CRM) the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization