[MKG 310] - Final Exam Guide - Everything you need to know! (57 pages long)
Document Summary
A competitive advantage is created when marketing decisions are based on explicitly consumer behavior theory, assumptions, and research. Social marketing is the application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole. Most economically developed societies are legitimately referred to as consumption societies. An understanding of consumer behavior can establish a foundation for reasoned business ethics. Marketing strategy begins with an analysis of the market the organization is considering. Customer value is the difference between all the benefits derived from a total product and all the costs of acquiring those benefits. Marketing strategy seeks to provide the customer with more value that the competition while still producing a profit for the firm. Entire set characteristics are often referred to as the total product. An experience occurs when a company intentionally creates a memorable event for customers. The experience exists in the mind of an individual.
