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1. Name and describe the four marketing management philosophies. * Production is the internal capabilities of the firm * Sales describe the aggressive sales techniques and beliefs that high sales result in high profit. * Market is satisfying the customer needs and wants while meeting objectives. * Societal is satisfying the customers’ needs and wants while enhancing the indivisual and societal well-being.

2. Explain the marketing concept and market orientation. What three requirements are included in the marketing concept? 3.

Marketing orientation is a philosophy that assumes sale does not depend on an aggressive sales force, but rather on a customer’s decision to purchase a product; it is synonymous
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Since Stump’s Hot Olives seeks to target the Midwest and to a few local restaurant in a small segment of the market their product becomes unique and valuable to the buyers beyond simply offering a lower price which would touch on the second and third competitive advantage ”Product/Service Differentiation” and “Niche”.

5. List the four basic strategies used once an organization has identified its strategic business units in terms of the portfolio matrix. Describe when each is used. 6.
The 4 strategies are product, place, promotion, and pricing. Before you touch on the other P’s you have to have a product. Figuring out your product is the first thing. The product includes packaging, warranty, after-sale service, brand name, company image, and value. Next you want a Place which involves the physical distribution and involving all the business activities concerned with storing, transporting raw material or finished product. You want to make sure you products arrive in good condition at the designated place when needed. In order to get you product into places and be recognized you will want to promote your product which brings us the 3rd “p”, “Promotion”. Promotion includes advertising, public relations, sales promotions, and personal selling. The promotions role is to bring about mutually satisfying exchanges with target market by informing, educating, persuading, and reminding them of the benefit of a product or organization. The most flexible of the
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