Define exchange and illustrate with a marketing example using the 5 conditions f
ID: 1170630 • Letter: D
Question
Define exchange and illustrate with a marketing example using the 5 conditions for exchange. 1. 2. The 4 marketing management philosophies: Define each of the 4 marketing management philosophies (production, sales, market- a. oriented, societal marketing). b. Illustrate each with a modern-day example in which they would be appropriate. 3. Define customer value and ilustrate with a marketing example. 4. Define customer satisfaction and illustrate with a marketing example. 5. Define relationship marketing and illustrate with a marketing example. 6. Teamwork: a. b. c. Define teamwork. Why is teamwork important to the marketing function? What is meant when we say that the entire organization needs to embrace and practice good marketing principles? 7. There is a section of Chapter 1 entitled "Those to Whom the Product is Directed." Discuss the difference between sales oriented view of the customer and a market oriented view of the customer Illustrate each of your definitions ( of sales-oriented and market-oriented) with marketing examples. a. b. 8. Customer Relationship Management: a. b. Define customer relationship mañagement (CRM). Illustrate your definition with a marketing example. 9. What is the Firm's Primary Focus given: a. The sales-oriented organization: i. Define i. illustrate your definition with a marketing example i. Define i. illustrate your definition with a marketing example b. The market-oriented organization 10. Why do you think marketing is important to businesses? Read what the book says and then discuss what you think.Explanation / Answer
Answer(2): (a): Marketing philosphies:
Production- This the process of making a final product that goes from several processes. Preparing raw material into a finished goods, is called production.
Sales- This is the exchange of commodities, goods and services in terms of money. Company makes product so as to sell it in the market.
Market orientation- It is a technique of discovering and focusing upon the needs of customers and meeting the demand of them through a better product mix.
Societal Marketing- When a company adopts such marketing strategies that are good for customers as well as society. For example: Marketing campaign that include welfare of women and poor and Corporate social responsibility.
Answer(3): Customer Value- This is the benefit being provided to customers in terms of product and service. Customer values says that customer's single dollar should contain value and worth of purchasing. There are two types of customer values: Desired value and perceived value. Desired value is a value that customer expects from the product and perceived value is the value that he actually receives in the product. Companies create value to its customers by enhancing product features and services.
Example: Providing a good product with high quality at cheaper price so that customer believes that he is getting more than he is giving.
Answer(4): Customer satisfaction-It is the customer experience, positive reaction and feedback after using a product or service. It is the reflection of customers' expectation. A satisfied customer means a lot to the company because companies 50% business comes from existing customers.
Example: Mr. Rahul purchased a phone from amazon.in and it got delivered before the specified time, after getting the phone, he checked the quality and features of product, the product met his expectation and he becomes a satisfied customer.
Answer(5): Relationship marketing- It refers to the customer relationship management (CRM). According to CRM, companies want to retain their existing customers rather than making new customers because they believe that more than 50% business comes from existing customers only. This includes the customer engagement and retention. It contains:
Example: Youtube and youtube kids are the best examples of relationship marketing.
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