Marketing Test #1 Review

In: Business and Management

Submitted By case0613
Words 653
Pages 3
Ch. 1
Marketing-a philosophy, attitude, perspective or mgt. orientation that stresses customer satisfaction. Organizational function & set of processes used to implement this philosophy.
Mgt. Philosophies
-Product: internal capabilities of firm vs desires/needs of market. Whats the best product?
-Sales: people will buy more if aggressive sales techniques are used.
-Market: focus on customer wants/needs. Achieve LT goals
-Societal Marketing: some products customers want may not be in best interest
Sales v Market Orientation
-Organizations Focus: Sales: focuses on selling what the firm makes rather than making what market want. Market: customer wants and needs
-Firms business: -Sales: product-Market: customer’s benefits
-Those to whom the product is directed: Sales: everybody, the average customer Market: specific groups of people
-The firm’s primary goal: Sales: profitability through sales volume. Don’t care whether or not you need it Market: achieve profit by meeting customer’s needs
-Tools the organization uses to achieve its goals: Sales: promotion, personal selling, and advertising Market: create, communicate and deliver superior customer service and value
Ch. 2
Strategic Planning- Managerial process of creating and maintaining a fit between the organizations objectives and resources and the evolving market opportunities. Focuses on LT growth
Strategic Business Units (SBUs)- a number of very different businesses that a larger company manages.
-SUBs have: -Distinct mission and specific target market,-Control over its resources-Its own competitors-A single business or collection of related businesses-Plans independent of other SUBs
Strategic Alternatives:
-Ansoff’s Opportunity Matrix: Matches new and existing products with markets-PM/PP: Market Penetration: -Increase market share among existing customers
NM/PP: Market Development: -Attract…...

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