Reviewer in Fourth Quarter Exam

*The Process of Marketing:

-Creating and communicating value to customers

-Delivering and exchanging offerings
-Satisfying needs

*Needs - person’s basic human requirements essential to everyday life

*Market- refers to the group of buyers/consumers or organizations that will benefit, may find value, and
may have the ability and willingness to purchase a particular offering.

*Business Markets- a type of customer market wherein companies buy goods to make or resell a product
to others at a profit

*Main types of entities that are usually marketed:

-Properties, organizations, information, and ideas
-Experiences, persons, and places
-Goods, services, and events

*Interruptive and one-sided- traditional marketing particularly, outbound marketing

*Contemporary Marketing- refers to the current marketing approach widely used today that is backed
by theories that stressed the importance of customer orientation.

*Inbound Marketing- refers to the approach used in contemporary marketing which focus on attracting
customers through the different channels of promotion that are not interruptive.

*Relationship Marketing- refers to the managing detailed information about individual customers and
managing customer contact in order to achieve customer loyalty.

*The specific aims of relationship marketing towards achieving its goal is to continually attract repeat
purchase and to retain new and current customers.

* To ensure they select and execute the right activities, marketers must give priority to strategic
planning in:
-Assessing each business’ strength by considering the market’s growth rate and the company’s
position and fit in that market
-Managing a company’s businesses as an investment portfolio
-Establishing a strategy

*Trend- a direction or sequence of events with momentum and durability.

* Industrializing economies -a new rich class and growing middle class demand new types of goods.
*Core Beliefs and values are passed from parents to children and reinforced y social institutions –
schools, churches, businesses, and governments.

*Subculture are groups with shared values, beliefs, preferences, and behaviors emerging from their
special life experiences or circumstances.

*Survey Research- Gathering data by asking people about their knowledge, attitude, preferences, etc.

*Ethnographic Research- Involves sending trained observers to watch and interact with their customers
in their “natural environments.”

* Marketing decision support system- is a coordinated collection of data, systems, tools, and techniques
with supporting software and hardware by which an organization gathers and interprets relevant
information from business and environment and turns it into a basis for marketing action.

*Marketing Mix Model-analyze/s data from a variety of sources, such as a retailer scanner data,
company shipment data, pricing, media, and promotion spending data to understand more precisely
marketing activities.

*Primary Group- The group whom a person interacts with fairly, continuously, and informally.

* The marketing plan begins with executive summary, that is the summary of the main goals and
recommendations of the plan for management review, helping top management find the plan’s major
points quickly.

* Each company must have a strategic planning as its game plan for long-run survival and growth that
makes the most sense given its specific situation, opportunities, objectives, and resources.