Principles of Marketing Chapter 1 Test

Marketing is
a philosophy, attitude, perspective, or a management orientation that stresses customer satisfaction. It is an organizational activity, set of institutions, and processes
Marketing
Entails processes value and benefits to customer not just selling goods and services.
Conditions for exchange
At least two parties
Something of value
Communication and delivery
Freedom to accept or reject
Desire to deal with other party
Production philosophy
Focuses on the internal capabilities of a firm
If you build it they will come

“what can we make or do best?”

Sales Philosophy
Focuses on aggressive sales techniques in believe that a higher sales result in higher profit

Disregards market needs and consumer demand
Despite the quality of sales force often cannot convince people to buy either what is wanted or needed

“how can we sell more aggressively?”

Market Philosophy
Focuses on satisfying customer needs and wants while meeting objective

Focusing on customer wants and needs to distinguish products from competitors offerings

“What do customers want and need?”

The societal Philosophy
Satisfying customer needs and wants while enhancing individual and societal well-being

“What do customers want and how can we benefit society?”

How to achieve a marketing orientation
1. obtain information about customers competitors and market
2. Examine information for total business perspective
3. Determine how to deliver superior customer value
4. Implement actions to provide value to customers
Relationship marketing
A strategy that focuses on keeping and improving relationships with customers
Successful relationship marketing strategies need:
1. customer oriented personnel
2. Effective training programs
3. Empowered employees
4. teamwork