MKT 340 Notes 1
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This 2 page Class Notes was uploaded by Clare Schubert on Monday January 25, 2016. The Class Notes belongs to MKT 340 at Iowa State University taught by Daniel Malliet in Spring 2016. Since its upload, it has received 179 views. For similar materials see Principles of Marketing in Business at Iowa State University.
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Date Created: 01/25/16
MKT 340 Notes 1 Goals Attract new customers by promising superior value Keep amp grow current customers by delivering satisfaction act of obtaining a desired object from someone by offering something in return focus on meeting customer satisfaction Understand market place customer needs wants gt Design Strategy driven by needwant gt Construct integrated marketing program 4 P s gt Build profitable relationships delight gt Capture value from customers to create profits and customer equity Core Customer Marketplace Concepts Needs wants demands Market offerings product services Value amp satisfaction exchange amp relationships markets set of all actual potential buyers of a product or service paying more attention to the specific products a company offers than to the benefits experiences produced by these products ex Microsoft Office feels Apple is stealing their business Physical food clothing warmth safety Social belonging Individual knowledge selfexpression form taken by human needs when shaped by culture amp individual personality human wants that are backed by buying power select customers to serve choose a value propositions marketing management orientations Production Concept car dealer highly available Product Concept Apple brand high quality Selling Concept life insurance won t buy unless educated on Marketing Concept understand need want Societal Market Concept long term sustainable organizations exist to satisfy customer needs amp wants while meeting organizational objectives factory gt existing gt design gt profit of sales volume product price place promotion Product variety quality design features brand name packaging services Price list price discounts allowances credit terms payment period extent to which a product s perceived performance matches a buyer s expectations customer s evaluation of the difference between all the benefits amp costs social media constant feedback
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