Comcast Competitive Advantage

Study Guide

BADM 320 – Exam 1

Spring 2009

Chapter 1-Marketing

1. Definition of marketing – Marketing is the activity, set of institutions, and processes for creating communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. Whole business seen from the point of view of its final result. Marketing should make the product fit the customers’ needs and result in a customer who is ready to buy.

2. History of marketing -

3. Transaction and relationship marketing

• Transaction Marketing – short term focus with emphasis on completing a one-time exchange; little communication btwn buyer and seller. Goal is a purchase now, cost are higher because must seek new customers ZERO-SUM

• Relationship Marketing – Long term focus with emphasis on cooperation and building trust to establish a association for mutual benefit; goal to repeat purchases, increased sales, and lower marking cost since customers are loyal WIN-WIN

4. Non-traditional marketing – Marketing can be use for non-profit organizations, politicians, places, causes, events, organizations,

• Demarketing- Marketing designed to reduce demand (Anti-Smoking)

• Internet – brochures, newsletters, e-commerce, customer service, deliver product

5. Exchange

6. Utility – Ability of a good or service to satisfy a want or need

• Form utility – finished goods from raw materials

• Time utility – providing goods when customers want/need them

• Place utility – availability of goods and services where you want them(gas station)

• Ownership utility- ability to transfer possession of goods

• Needs – food, water, shelter: Wants- desires/taste of individuals

• Demand- wants of individuals that have power to satisfy those wants

• Means – way of achieving the goal: End- the goal

7. Market Myopia – Way the market defines their...