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Marketing Worksheet

Marketing and Customer Relationship Concept Worksheet

Table for Assignment One
A:   Concept B:   Application of Concept in Scenario C:   Citation of Concept in Reading D:   Personal Experience in your Organization
Product development TeraTech needs to develop a marketing plan to market their new product since marketing plans are critical to any marketing efforts. “Product development is a marketing strategy of selling new products to existing markets” (Kerin, 2006, p.40). Developing creative ways to increase business through internet marketing.

Outsourcing An alternative for TeraTech. This does allow the company to immediately address their customer needs and may realize growth earlier. “The five-step marketing research process gives companies a methodical approach to identifying issues and opportunities of new products” (Kerin, 2006, p.42). Outsourcing does its primary job of reducing costs, but the jobs that are lost create an ethical dilemma.

Behavioral sciences In order to develop a product that will meet their customers’ current and
future needs, TeraTech must create methods to evaluate their customers’ purchasing process. “Behavioral sciences help answer questions such as why people choose one product or brand over another, how they make these choices, and how companies use this knowledge to provide value to consumers” (Kerin, 2006, p.120). Southwest Airlines is constantly finding ways to communicate with customers on how their flying experienced can be improved. This is done through letters and phone calls. All feedback, negative or positive, is taken into account.

Psychology The next step after recognizing behavioral sciences. By identifying their customers’ needs, TeraTech can forecast their behavior and respond appropriately to continue interest in TeraTech products. “Psychology helps marketers understand why and how consumers behave as they do. In particular, psychological concepts such as motivation and personality; perception; learning;...