finals study guide

• marketing philosophy 
• marketing: goal creating customer satisfaction 
• marketing is the set of activities for customer satisfaction 
• who engages in mearketing 
• product manufacturers
• government 
• non-profit organizations 
• churches 
• universities politicians 
• successful marketing is difficult 
• there is no formula for marketing success requires considerable interaction with customers 
• customers often cannot accurately describe their needs 
• competitive action is difficult to predict 
• customer tastes and societal trends change frequently 
• implementing strategy precisely is difficult 
• the marketing concept 
• emphasizes a customers focus 
• organizing resources 
• sales driven 
• focus: what we make, we sell 
• little attention paid to customer
• very aggressive selling efforts 
• seeks to maximize volume, not profit 
• technology driven 
• focus: research and development; customers needs are secondary 
• problem: developed technology may not satisfy needs 
• great technology does not grantee company success 
• feature fatigue commonly results 
• marketing driven 
• focus: embraces marketing, but to the point of excess 
• enormous investments in marketing research 
• common in consumer goods firms 
• problem: very slow to respond to change 
• Customer drive 
• focus: benefits desired by buyers 
• stresses long-term relationships 
• conflicts 
• marketing as value-added activity 
• marketing adds value to some segments of the population 
• capturing value is important 
• sustaining value is a final concern