MKTG 350 Final: MKTG 350 Final exam study guide
5 Dec 2016
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Core aspects of marketing: satisfying needs and wants, entails an exchange, 4 ps (product, price, place, promotion, can be b2b, b2c, and c2c, many settings: society, consumers, supply chain, employees, help creates value. Exchange: goods and services in exchange for money. Price: captures value, what a buyer gives up for good (time, money) Production oriented: henry ford; firms focused on production and believed a good product would sell itself. Sales oriented great depression/wwii; consumers buying less so firms focused on selling and advertising. Marketing oriented: after wwii, firms focused on what consumers wanted before designing product. Value-based: today; transcended production/selling orientation; customers seek a fair return of value on the goods/services purchased; all types of price levels (luxury v store brand) 4 strategies for building a sustainable competitive advantage. Customer excellence: retaining loyal customers and provide customer service. Operational excellence: efficient operations and supply chain management. Product excellence: products with high perceived value and effective branding and positioning.
