Marketing 360 Exam 1 Review

Marketing
The organizational function and a collection of processes designed to plan for, create, communicate, and deliver value to customers and to build effective customer relationships in ways that benefit the organization and its stakeholders
Marketing Mix (4 p’s)
Product, price, promotion, place
Marketing is about…
1) creating exchanges
2) identity
3) building relationships
4) solving consumer problems
Marketing Management Philosophies
1) Production: focus on efficiency of internal operations
2) Sales: focus on aggressive techniques for overcoming customer resistance
3) Market: focus on satisfying customer needs and wants
4) Societal: focus on satisfying customer needs and wants while enhancing the individual and societal well-being
Market Orientation
An organizational perspective that puts the philosophy of the marketing concept into practice:
1) gather market intelligence (obtain info about
customers, competitors, and markets)
2) disseminate knowledge (determine how to
deliver superior customer value, implement
actions to provide said value)
3) coordinated response (establish and maintain
mutually rewarding customer relationships)
Stakeholder Orientation
Develop a sufficient understanding of relational partners to be able to create superior value for them
Competitor Orientation
Understand strengths, weaknesses, and capabilities of both key current and key potential competitors
Interfunctional Orientation
The coordinated utilization of company resources to create value