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Marketing 3010 - Chapter 1 notes

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by: Claire Talley

Marketing 3010 - Chapter 1 notes MKTG 3010

Marketplace > University of Utah > Business > MKTG 3010 > Marketing 3010 Chapter 1 notes
Claire Talley
The U
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These notes cover all the important information from chapter one of the textbook. Including, but not limited to: - philosophies of marketing - the 4 Ps -customer value vs. satisfaction -marke...
Principles of Marketing
Class Notes
Marketing, business




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This 3 page Class Notes was uploaded by Claire Talley on Friday August 26, 2016. The Class Notes belongs to MKTG 3010 at University of Utah taught by Skurnick in Fall 2016. Since its upload, it has received 271 views. For similar materials see Principles of Marketing in Business at University of Utah.


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Date Created: 08/26/16
• Marketing: the activity, set of institutions, and processes for creating,  communicating, delivering, and exchanging offerings that have value for  customers, clients, partners, and society at large • marketing focuses on delivering value and benefits to customers • a desired outcome of marketing is exchange • Five conditions of an exchange: ◦ at least two parties ◦ each party has something of value ◦ communication and delivery ◦ each party is free to accept or reject an offer ◦ each party want to deal with the other • Marketing management philosophies ◦ product orientation: focuses on the internal capabilities of the  company rather than on the desires and needs of the marketplace ▪ “what can we do?” “what is best for us to offer?” ▪ does not consider whether the goods it produces meets the  needs of the marketplace ◦ sales orientation: people will buy more goods and services if  aggressive sales techniques are used.  ▪ high sales result in high profits ▪ marketing means selling and collecting money ▪ lacks understanding of the needs and wants of consumers  ◦ market orientation: a company’s existence is founded by the  satisfactions of customer wants and needs while also meeting  organizational objectives ▪ perceived value of what a customer is gaining is what  defines a business ▪ integrates all company activities to satisfy customer wants ▪ understand your competition ◦ societal marketing orientation: some products that customers want  may not actually be in their best interest or in the interest of the  whole society ▪ company exists to satisfy customers, meet company  objectives, and enhance long­term best interests for society ▪ this philosophy is gaining popularity ▪ example: environmentally ­ conscious companies  • employees of sales­oriented companies are inward­looking ◦ selling what the organization makes instead of market wants ◦ successful companies have an external focus • customer value: relationship between benefits and sacrifice needed to receive  those benefits ◦ offer products that perform ◦ earn trust with consumers ◦ avoid unrealistic pricing ◦ give the buyer facts and information ◦ offer company wide commitment to good customer service and  after­sales support ◦ allow customers to help create their own experience • customer satisfaction: evaluating whether or not the purchased good/service has  met the customer’s needs and expectations • relationship marketing: focus on keeping and improving relationships with  customers ◦ customer­oriented employees: employee behavior and attitude  reflects the whole firm ◦ quality employee training  ◦ empowerment: giving employees authority to solve consumer  problems and have a say in company activities ◦ teamwork • it is better to ask what a business does in terms of what consumers want rather  than in terms of just goods and services ◦ firm continues focus on customers ◦ encourages innovation and creativity ◦ stimulates awareness of changes in customer wants  ◦ products will remain relevant • market­oriented companies focus marketing to specific groups of people, rather  than everyone • sales­oriented main goal is large sales volume and convincing customers to buy • market­oriented main goal is to make money by creating customer value • the marketing mix ◦ product ◦ place promotion ◦ price • marketing is not about just advertisements, but all of the 4 Ps of the marketing  mix


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