MKT 111
EXAM 1

I) Chapter 1: Introduction to Marketing A) What is marketing? (pg 5) 1) Marketing is managing profitable customer relationships 2) The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return B) Understand core marketing concepts (pgs 6-8) 3) Customer needs (a) Needs: States of felt deprivation (b) Wants: The form human needs take as they are shaped by culture and individual personalities (c) Demands: Human wants that are backed up by buying power 4) Offerings (d) Market offerings: Some combination of products, services, information, or experiences offered to a market to satisfy need or want 5) Customer value and satisfaction 6) Exchange (e) Exchange: The act of obtaining a desired object from someone by offering something in return C) Understand customer relationship management (pg 13-14) 7) Customer (perceived) value (f) The customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those competing offers 8) Customer satisfaction (g) The extent to which a product’s perceived performance matches a buyer’s expectations D) Capturing value from customers (slides) 9) Customer lifetime value, loyalty etc

II) Chapter 2: Company and Marketing Strategy E) Understand the definition and major steps of strategic planning (p 38-39) 10) Strategic planning: The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities (h) Defining the company mission (i) Setting the company