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Chapter 1: Overview of Marketing

by: Andrea Lopez

Chapter 1: Overview of Marketing MKT 301

Marketplace > University of Miami > MKT 301 > Chapter 1 Overview of Marketing
Andrea Lopez
GPA 3.8
Professor Kettle

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About this Document

Chapter One Notes and Questionnaire. The notes are formatted nicely to make them clear and simple. The questions attached, are all answered in depth.
Professor Kettle
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This 5 page Bundle was uploaded by Andrea Lopez on Wednesday February 18, 2015. The Bundle belongs to MKT 301 at University of Miami taught by Professor Kettle in Spring2015. Since its upload, it has received 111 views.

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Date Created: 02/18/15
CHAPTER 1 Overview of Marketing What is marketing Used to expand presence Goodwill buying a company for more than it s worth What is a Consumer Groups Businesses 0 Individuals 0 Family 0 Clubs 0 Teams Marketing can in uence societies values Marketing entails an exchange consumer can respond to Business w 0 Money 0 Attention Reputation perception Market Place Segments who and how to sell 0 Ex computer Dell sells to Miami Apple sells to individuals 1 Marketing Involves The Four P s a Product creating value i Goods services ideas ii Something of value must be created b Price capturing value i All costs to the customer 1 Time money effort mental energy c Place delivering value i Getting value to the customer d Promotion communicating the value 2 Individuals and Organizations a B2C Business to Consumer i Traditional model b B2B Business to Business i Ex education training services c C2C Consumer to Consumer i Ebay craiglist d C2B Consumer to Business i Placing value on a social network ii Blogging iii Recommendations 3 Many Settings Many Stakeholders a Marketing helps create value i Value bene ts costs ii Value creation 1 Customization a Cocreation 2 Information a To customers b About customers 3 Cost reduction a Reduces wasted effort 4 Why Is Marketing Important a Expands companies presence b Matter across the supply chain i Suppliers manufactures retailers customers c CAN enrich society i Social responsibility ii In uences values Marketing Study Guide Questions CHAPTER 1 Overview Of Marketing 1 What is the de nition of marketing a The activity set of institutions and processes for creating capturing communicating delivering and exchanging offerings that have value for customers clients partners and society at large 2 Marketing is about satisfying needs and wants 3 What are the four components of the marketing mix a Product b Price c Place d Promotion 4 Who can perform marketing a Individuals b Organizations 5 What are the various eras of marketing a Productionoriented era b Salesoriented era c Marketoriented era d Valuebased marketing era 6 Does providing a good value mean selling at a low price a Yes 7 What are the bene ts of longterm relationships with customers a Collect information about these relationships to target their best customers with the products services and special promotions that appear most important to them 8 How are marketers connecting with customers using social and mobile media 9 List ve functions that illustrate the importance of marketing on om Expands companies presence Pervasive across marketing channel members Enriches society Can be entrepreneurial


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