Study Guide
Exam 1
MAR 3023 Spring 2021
Chapter 1
● Marketing (Dr. Case’s definition)
○ Finding out what people want and getting it to them
● Exchange
○ The trade of things of value between buyer and seller
● Val
...
Study Guide
Exam 1
MAR 3023 Spring 2021
Chapter 1
● Marketing (Dr. Case’s definition)
○ Finding out what people want and getting it to them
● Exchange
○ The trade of things of value between buyer and seller
● Value
○ Combination of benefits received by buyers
● Societal influences in marketing
○ Other organizations, suppliers, shareholders, customers
● Environmental forces in marketing
○ Social, economic, technological, competitive, regulatory
● Overview of marketing organizations and various departments (hint: check out Figure 1-
1 in your text)
○ R&D, HR, IT, Manufacturing, Finance, Marketing
● Requirements for marketing to take place
○ Two or more parties with unsatisfied needs
○ Desire and ability to have their needs satisfied
○ A way for parties to communicate
○ Something to exchange
● Why marketing cannot make people buy stuff they don’t want or need
○ There needs to be an exchange of something that has value and satisfies a need
● How marketing research helps marketers meet needs in the market place
○ Research helps discover consumer needs
● The marketing mix (i.e., the Four P’s)
○ Product - good, service, or idea to satisfy customer needs
○ Promotion - means of communication between buyer and seller
○ Price - what is exchanged for the product
○ Place - getting the product to the consumer
● Consumer value proposition
○ The cluster of benefits that an organization promises customers
● Customer value strategies (best price, best service, and best product)
○ Best price - superior pricing
○ Best product- superior quality
○ Best service - superior service, experience
● Making a better mousetrap – who defines what’s better?
○ The consumers
Chapter 2
● Large organizations; SBU (example; Procter & Gamble)
○ Strategic business units - markets a set of offerings to a clearly defined market
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