GSU MK 3010 - Exam 1 Study Guide (13 pages)

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Exam 1 Study Guide



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Exam 1 Study Guide

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Study Guide 1 is for Ch. 1-3 and 5-6. It has an overview of the lectures and vocabulary. It includes examples the teacher talked about in class.


Pages:
13
Type:
Study Guide
School:
Georgia State University
Course:
Mk 3010 - Basic Marketing
Basic Marketing Documents

Unformatted text preview:

MK3010 1st Edition Exam 1 Study Guide Lectures 1 12 Lecture 1 August 26 Ch 1 1 Marketing An organizational function and a set of process for creating capturing communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders Value net benefits Marketing helps create value 2 Marketing is about satisfying customers needs and wants Need is difference between what we ideally want food shelter need to belong Want how you choose to satisfy that need 3 Marketing is about satisfying customer needs and wants Satisfaction something meets expectations or exceeds expectations 4 Marketing entails an exchange marketer producing an iPod communicate to buyers why to buy it make it available to stores get money get information by what our needs are and can adjust their product Exchange is not always exchanging money Hilary Clinton marketing herself for exchange of votes Lecture 2 August 28 5 Marketing requires product place price and promotion decisions Product creating value fundamental purpose of marketing is to create value by developing a variety of good services and ideas to satisfy customer needs Price capturing value price is everything a buyer gives up in exchange for the product Place delivering the value proposition place or supply chain management describes all activities necessary to get the product to the right customer Promotion communicating value informs persuades and reminds potential buyers about a product or service to influence their opinions or elect a response 6 Marketing can be performed by individuals and organizations B B Business selling to Business B C Business selling to Consumer C B Consumer selling to business Chegg rental books yard sale 7 Marketing Impacts Various Stakeholders Customer gives up options Supply chain all behind the scene people who get the product to the customer Employees within organizations work together to get product to customer Society marketers



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