Sample Quiz: Creating Customer Relationships & Value through Marketing

Jun 29th, 2015
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MarketingWhat is Marketing?Marketing an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.The concept emphasizes creating and maintaining long-term relationships with customers and supplies.UtilityThe want-satisfying power of a good or service.Types of Utility:a. Form - conversion of raw material and components into finished goods and servicesb. Time availability of goods and services when consumers want themc. Place availability of goods and services at convenient locationsd. Ownership ability to transfer title to goods or services from marketer to buyerTodays Global MarketplaceInternational agreements to expand tradeGrowth of electronic business and comp techInterdependence of the worlds economiesFour Eras in the History of MarketingExchange ProcessEssence of marketingTwo or more parties something of value to each other to satisfy perceived needs.The Production EraPrior to 1920sPrevailing attitude: High-quality product would sell itself (Production Orientation)The Sales EraPrior to 1950sPrevailing attitude: Effective sales forces to find customers for their output (Sales Orientation)The Marketing EraSince 1950sPrevailing attitude: Pay close attention to the markets for their goods and services ; Satisfying customer needs (Consumer Orientation)Shift from a sellers m

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