1. What is Marketing?
    - 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.

    • - The primary focus is on satisfying customers' needs and wants.
    • - What are the difference between needs and wants?
    • - Wants is shaped by personal and cultural preferences.
    • - When does needs turn into wants?
    • - "Want" by buyer power.
  2. Production Philosophy
    - Production orientation is a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

    - Focus on production; may work well when demand exceeds supply; and when economies of scale are important.
  3. Product Philosophy
    Focus on producing the highest quality goods but that's not what the customer may want.
  4. Sales Philosophy
    - Sales orientation is the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.

    - Emphasizes push and hard selling.
  5. Marketing Philosophy
    - Market orientation is a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase product.

    - Achieving long term goals for company by focusing on customer's needs and wants.
  6. Societal Philosophy
    - Societal marketing orientation is the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests.

    - Should be good for society too.
  7. Customer Value
    Customer value is the relationship between benefits and the sacrifice necessary to obtain those benefits.
  8. Customer Satisfaction
    Customer satisfaction is the customer's evaluation of a good or service in terms of whether that good or service has met their needs and expectations.
  9. Relationship Marketing
    Relationship marketing is strategy that focuses on keeping and improving relationship with current customers.
Card Set
MKGT351 - Chapter 1