MARK 3321 Exam 1 Study Guide Jeffrey Wallman UTA Questions and Answers 100% Pass

MARK 3321 Exam 1 Study Guide Jeffrey Wallman UTA Questions and Answers 100% Pass First principles of marketing - listen to the customer, change the rules, win or position with strength and do your duty Fundamental values of tomorrow's markets - Customer: customization Capital: simultaneous capital availability and scarcity. Labor: knowledge of workers Government: paying for stuff. E.g. healthcare Marketing definition - Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large 2100% Pass Guarantee Sophia Bennett, All Rights Reserved © 2025 Conditions for exchange - - At least two parties must be involved.- Something of value must be present. - Parties are capable of communication and delivery. - Desire to deal with the other party exists. - Each party is free to accept or reject the offer. Marketing concept - Satisfying customer wants and needs while meeting organizational objectives Organization's focus under a sales orientation - Sales-oriented firms believe marketing is selling things and collecting money. • Problem—These firms lack understanding of the needs and wants of the marketplace. - Firms often cannot convince people to buy what is neither wanted nor needed despite the quality of sales force. 3100% Pass Guarantee Sophia Bennett, All Rights Reserved © 2025 Organization's focus under a marketing orientation - - Focusing on customer wants and needs to distinguish products from competitors' offerings • Integrating all the organization's activities to satisfy customer wants • Achieving the organization's long-term goals by satisfying customer wants and needs legally and responsibly Customer satisfaction - Customers' evaluation of a good or service in terms of whether that good or service has met their needs and expectations • Building Relationships - Strategy that focuses on keeping and improving relationships with customers Customer Relationship Management 4100% Pass Guarantee Sophia Bennett, All Rights Reserved © 2025 (CRM) - Company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction - By focusing on highly defined and precise customer groups • On-demand marketing - Delivering relevant experiences, integrated across both physical and virtual environments, throughout the consumer's decision and buying process Strategic planning - Creating and maintaining a fit betw