markeing quiz1 answer.docVIP

1.Five basic marketing management philosophies. 1)Production concept: The production concept holds that consumers will favor products that are available highly affordable, and therefore management should focus on production and distribution efficiency . 2)Produce concept:The product concept holds that customers prefer existing products and product forms, and the job of management is to develop good version of these products. 3)Selling concept:The selling concept holds that consumers will not buy enough of the organization’s products unless the organization undertakes a large selling and promotion effort. 4)Marketing concept:The marketing concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors. 5)Societal Marketing concept:The societal marketing concept holds that the organization should determine the needs, wants, and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer’s and society’s well-being. 2.Customer value is the difference between benefits the customer gains from owning and/or using a product, and the costs of obtaining the product. Customer expectations are based on past buying experiences, the opinions of friends, and market information. For example,we might specialize in fresh locally caught seafood.Customer satisfaction depends on a products perceived performance in delivering value relative to a buyers expectations.If the products perceived performance falls short of the customers expectations,the buyer is dissatisfied.If performance matches expectations,the buyer is satisfied.If performance exceeds expectations,the buyer is delighted. 3.Five Links: 1).internal service quality- superior employee selection and training, a high quality work environment, and strong support for those dealing with c