Customer-Driven Strategic Marketing

Exam 1 Study Guide

Marketing Management

Disclaimer: This review does not necessarily cover all questions on the exam. It is simply an additional tool to assist students in preparing for the exam. Students are still responsible for all material from assigned textbook and Wall Street Journal readings, lecture/class discussions, and videos.

Required Materials: (2) #2 Pencils

Format: The exam will consist of 36 multiple choice questions and 5 matching questions worth two points each, and four short answer questions worth five points each.

Customer-Driven Strategic Marketing

· Marketing defined

Marketing – the process of creating, distributing, promoting, pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.

· Needs, wants, and demands—what are the differences

· Understand the different stages, in order, in Maslow’s Hierarchy of Needs model

Physiological needs (food)

Safety needs (security of body, health)

Love and belonging

Esteem (confidence, achievement, respect of others)

Self-actualization (morality, creativity)

· Understand how consumers determine value

· Understand how consumers determine satisfaction (or dissatisfaction)—what part of the satisfaction model do marketers have more control over?

· What is an exchange and why do we engage in this activity (vs. solicitation, power, etc.)

Exchange – the provision or transfer of goods, services, or ideas in return for something of value.

· Understand the components of the marketing mix (also called 4Ps)—what activities or decisions occur in each area (Ex. Branding is a product decision.)

Marketing mix 4Ps:

§ Product (Customer needs and wants)

§ Price (cost)

§ Place (Convenience)

§ Promotion (Communication)

· Understand the differences among the alternatives types of products (goods, services, ideas)

· Marketing management defined

Marketing management – the process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently.

· What is demarketing?—see lecture notes

Demarketing involves reduce or shifting demand, does not involve demand eliminating.

· Four marketing management philosophies (production concept, the product concept, etc…)—what are the assumptions about the consumer and how does a company respond

Marketing concept – a managerial philosophy that an organization should try to satisfy customer’s needs through a coordinated set of activities that also allows the organization to achieve its goals.

The production orientation – with new technology and new ways of using labor, products poured into the marketplace where demand for manufactured goods was strong.

Product orientation – add features, assume what u want.

The sales orientation - businesspeople believed that the most important marketing activities were personal selling, advertising, and distribution.

The marketing orientation – and organizationwide commitment to researching and responding to customers needs.

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