UNC-Chapel Hill BUSI 406 - Exam 1 Study Guide (9 pages)

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Exam 1 Study Guide



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Exam 1 Study Guide

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This study guide includes the main ideas from each lecture for lectures 1-7. This should guide what students review, not replace individual notes.


Pages:
9
Type:
Study Guide
School:
University of North Carolina at Chapel Hill
Course:
Busi 406 - Marketing

Unformatted text preview:

BUSI 406 Marketing Exam 1 Study Guide Lectures 1 7 Lecture 1 August 20 3C s Costumer Competitors Company SWOT Strengths Weaknesses Opportunities Threats 4P s Product Price Promotion Place Marketing is more than just selling Good marketers identify needs wants and demands of customers and work to satisfy them Needs o states of felt depression Wants o needs shaped by learning experiences personality Demands o wants backed by purchasing power Marketing s Goal o to provide goods and services that exceed customer expectations and create customer satisfactions at a profit Importance of Customer Satisfaction o satisfied customers are loyal refer company to others and are less price sensitive Why not satisfying is bad o customers will stop buying complain to others and not complain to the firm Lecture 2 August 25 Marketing is more than just selling and advertising Think Bicycle example Marketers must 1 Analyze needs 2 Predict Wants 3 Estimate Demand 4 Determine where 5 Estimate price 6 Decide Promotion 7 Provide Service Production is putting the product first while marketing is putting the consumer first o If production is making sure goods services are produced marketing is making sure the right ones are produced to create customer satisfaction extent to which an organization fulfills a cusomter s needs desires and expectations Production and Marketing work together to created customer satisfaction Micro Marketing and Macro Marketing o Micro individual organizations customers needs and direct exchange o Macro a social process that deals with producers and consumers as a whole how marketing affects society and how well marketing matches supply and demand Macro marketing governs exchanges in an Economic System o can be seen in subsistence economies that become market economies Market a group of consumers with similar needs that is willing to exchange something of value to satisfy those needs Mass Productions and Consumption Needs o marketing is needed to overcome the



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