Four conditions must exist for an exchange to occur : (1) Two or more individuals, groups, or organizations must participate, and each must possess something of value that the other party desires; (2) the exchange should provide a benefit or satisfaction to both parties involved in the transaction; (3) each party must
Fundamental purpose of marketing is to create value by developing a variety of offerings, including goods , services, and ideas, to satisfy customer needs. Price = everything a buyer gives up (money,time,energy) in exchange for the product .
The marketing concept is the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals .
refers to four marketing activities – product, price, distribution and promotion. The buyer or the target market is the central focus of all marketing activities.
Marketing objectives are a brand’s defined goals . They outline the intentions of the marketing team, provide clear direction for team members to follow, and offer information for executives to review and support. Marketing objectives are a pivotal part of a marketing strategy .
Focus On Omnichannel Marketing Nordstrom’s goal is to create a seamless experience no matter if customers are in store or online. The website and app are both integrated with an inventory management system that allows customers to easily find what they’re looking for.
Which element of the marketing mix is most relevant to the activity ” creating value “? the age of its target market.
The three specific groups that benefit from effective marketing are: 1. Consumers-Consumers are the group that buys products. True competition between products and services in the marketplace ensures that we as consumers can find value from the best products, the lowest prices, and or exceptional service. 2.
Which of the following best describes specialty goods ? products with unique characteristics and brand identity, for which the consumer puts forth a special effort to obtain. A brand is: a name, symbol, or design that identifies products of a seller and distinguishes them from the products of other sellers.
Which of the following is the best example of a large corporation using technology to realize the benefits of relationship marketing ? Apple allows customers place an internet order for a unique an personalized product. personal, ongoing communication between parties.
The overall business goals of CRM systems are to help organizations 1) capture new leads and move them through the sales process; 2 ) support and manage relationships with current customers to maximize their lifetime value to the company ; and 3) boost productivity and lower the overall costs of marketing, sales, and
I believe this highlights why the product is the most important aspect of the four P’s of marketing – Product, Price, Place, and Promotion. Without a product, you cannot implement any one of the other three elements of the marketing mix. And great products are easy to market as they serve both a need and want.
Marketing Focuses on Customers As the purchasers of the products that organizations develop, promote, distribute, and price, customers are the focal point of all marketing activities .
|The focal point of all marketing activities||Customers|
|A specific group of customers on whom an organization focuses its marketing efforts||Target Market|