Exam Study Notes For Marketing. Essay

1474 words - 6 pages

Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.Marketing Management Philosophies.* The production Concept: The production concept holds that consumers will favor products that are available and highly affordable. Therefore, management should focus on improving production and distribution efficiency.* The product Concept: The product concept holds that consumers will favor products that offer the most quality, performance and innovative features. Thus, an organization should develop strategy to making continues product improvements.* The selling Concept: The selling concept holds that the consumers will not buy enough goods unless the organization undertakes a large scale selling and promotional effort.* The Marketing Concept: The marketing concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors do.* The societal marketing concept: Organizations should determine the needs, wants and interests of target markets and deliver the desired satisfaction more effectively and efficiently than competitors do in a way that maintains or improves consumer's and society's well being.Market Research Objectives.Exploratory Research: Marketing research to gather preliminary information that will help to define problems better and suggest hypotheses.Descriptive Research: Marketing research to describe marketing problems, situation or markets better- such as the market potential for a product or the demographic and attitudes of customers.Casual Research: Marketing research to test hypotheses about cause and effect relationship.Techniques for data collection.Observational Research: The gathering of primary data by observing relevant people actions and situations.Survey Research: The gathering of primary data by asking people questions about their knowledge attitudes, preferences and buying behavior.Experimental Research: The gathering of primary data by selecting matched groups of subjects, giving them different treatments, controlling unrelated factors and checking for differences in group responses.Primary data is the information collected for specific purpose at hand and secondary data is information that already exists somewhere having been collected for another purpose.The Micro Environment.The forces close to the organization that affect its ability to serve its customers- the organization, market channel firms, customers markets, competitors and publics.Suppliers: Firms and individuals that provide resources needed by the company and its competitors to produce goods and services.Company: Organizations whose main objective is to generate revenue.Competitors: Competitors try to gain strategic advantage by positioning their offerings against the other competitors offering in the minds of the...

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