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Study Guide for Exam 1

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by: Kalli Williams

Study Guide for Exam 1 MKT 350

Marketplace > Missouri State University > Marketing > MKT 350 > Study Guide for Exam 1
Kalli Williams
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About this Document

Covers chapter one through six
Intro to Marketing Principles
Carly Adams
Study Guide
50 ?




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"These are great! I definitely recommend anyone to follow this notetaker"
Glen Little

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This 6 page Study Guide was uploaded by Kalli Williams on Saturday January 23, 2016. The Study Guide belongs to MKT 350 at Missouri State University taught by Carly Adams in Spring 2016. Since its upload, it has received 287 views. For similar materials see Intro to Marketing Principles in Marketing at Missouri State University.


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These are great! I definitely recommend anyone to follow this notetaker

-Glen Little


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Date Created: 01/23/16
Study Guide for Exam 1 Chapter 1: What is Marketing? - Creating, distributing, promoting, and pricing goods, services, and ideas - Relationships of exchange with customers Components of Marketing: All revolve around the customer - The 4 P’s: - Product: Good, Service, or Idea - Price: Establishing the right price for the market buying the product - Promotion: Inform people about the product - Distribution: Availability of products at the right time in the right place - Target Market: Who the marketing efforts are focused on for a certain product, or advertisement - Value: Is the customer benefits – customer costs. - Exchanges: transfer of goods, services, or ideas in return for something of value (money, labor, goods, credit) - Stakeholders: have stake, or claim in the company - Marketing Enviroment: Competitive, economic, political, legal and regulatory, technological, sociocultural - Influence customers in 3 ways: 1. Affecting customers lifestyle, preference and needs for a product 2. How a marketing manager performs 3. Affect a marketing managers decisions and actions - Marketing concept: satisfying customers to achieve the company’s goals - Production orientation - Sales orientation - Marketing orientation - Customer Relationship Management: Using info. about customers to create marketing strategies that make customer relationships - Customer Lifetime Value: Profit or Loss for a future relationship with a customer - Green Marketing: A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment Chapter 2: - Strategic Marketing Planning: planning, implementing, and evaluating the performance of marketing activities - Mission Statement: long-term view, goal, or vision of what the company aspires to become - Levels of strategic planning: Mission statement to corporate strategy to Business-unit strategy to marketing strategy to marketing mix elements - Growth Share Matrix: o Star: Most popular, best selling product o Question Mark: Small share of growing market, and takes a lot of money o Cash Cow: Dominant share of market, but low prospect for growth o Dog: a lot of the market, but low growth rates - Core competencies: Does extremely well which can give it an advantage over other products. - SWOT analysis: o Strengths: Competitive advantages o Weaknesses: Any limits the company might have o Opportunities: Anything that can help the company reach it goals, or rewards o Threats: Anything that prevents the company from reaching its goals - First-mover advantage: Being the first company to offer a product - Late-mover advantage: Learn from first-movers mistakes, and being the last one to offer a product. - Marketing Objective: statement of what is to be accomplished though marketing activities - Marketing Strategy: a plan of action to develop a marketing mix - Sustainable competitive advantage: An advantage that the competition can’t see in the future - Performance standard: expected level of performance to compare performance levels to - Marketing Plan: written document of the marketing plan - Corporate strategy: A strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals - Decentralized organization: A structure in which decision- making authority is delegated as far down the chain of command as possible - Core competencies: Things a company does extremely well, which sometimes give it an advantage over its competition Chapter 3: - Environmental Forces: Competitive, Political, Technological, Legal and Regulatory, Sociocultural, and Economic - Competition: Market products that are similar - Types of competition: brand, product, generic, and total budget competitors - Competitive Structures: Monopoly, oligopoly, monopolistic competition, pure competition, - The business cycle: prosperity, recession, depression, and recovery, and going through that order then repeating it. - Federal Trade commission (FTC): an agency that regulates a variety of business practices and curbs - Technological Forces: o Dynamic change o Ability to reach customers o Self-sustaining technology - Firms must keep up to date on the new technology trends - Sociocultural forces: o demographic and diversity characteristics o consumerism o cultural values - Disposable income: After tax income - Environmental analysis: The process of assessing and interpreting the information gathered through environmental scanning - Wealth: The accumulation of past income, natural resources, and financial resources - Buying power: Resources, such as money, goods, and services, that can be traded in an exchange - Discretionary income: Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter - Consumerism: Organized efforts by individuals, groups, and organizations to protect consumers’ rights - Monopolistic competition: A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product Chapter 4: - Social Responsibility: maximize positive impact, and minimize negative impact on society - Pyramid of corporate social responsibilities: o 1 level: economic nd o 2 level: legal o 3 level: ethical o 4 level: philanthropic - Marketing Ethics: principles and standards defining acceptable conduct in marketing determined by stakeholders such as: o the public o government regulators o private interest groups o consumers o industry o organization itself - Philanthropic responsibility: promote human welfare or goodwill - Sustainability: the potential for the long-term well-being of the natural environment , including all biological entities - Marketing Ethics: a dimension of social responsibility that involves principles and standards that define acceptable conduct in marketing - Ethical Issue: issues that are right, or wrong, ethical, or unethical - Organizational culture: a set of values, beliefs, goals, norms, and rituals that members of an organization share - Codes of conduct: rules and standards that describe what the company expects of its employees - Cause-related marketing: The practice of linking products to a particular social cause on an ongoing or short-term basis Chapter 5: - Marketing research: gathering info. to help marketing problems or take advantage of marketing opportunities - Types of marketing research: o Qualitative data: Non-numerical data o Quantitative data: empirical data through numbers - Exploratory research: Research to gain more information o Customer advisory boards o Focus groups - Conclusive Research: research to verify insights and findings through objective procedures and helps marketers make decisions o Descriptive research o Experimental research - 5 Steps of Marketing Research Issues: 1. Locating and defining problems of research issues 2. Designing the research project - research design, hypothesis, reliability, validity 3. Collecting data - primary data: population, sample, sampling (random, stratified, quota), survey methods (mail, telephone, personal interview, shopping mall interview, crowdsourcing, and online) - secondary data 4. Interpreting research findings 5. Reporting research findings - Marketing Information Systems (MIS): framework for managing and structuring info. - Marketing decision support system (MDSS): Customized computer software that aids marketing managers in decision making - Single-source data: information provided by a single marketing research firm Chapter 6: - What are Markets? o A group of people, individuals or organizations - 2 types of markets: o consumer market o business market - Target Market Selection Process: 1. Identify appropriate targeting strategy 2. Determine which segmentation variables to use 3. Develop market segment profiles 4. Evaluate relevant market segments 5. Select specific target markets - Undifferentiated targeting strategy: means a company designs a single marketing mix and directs it at the entire market - Marketing Segmentation: dividing total market into groups of customers with a similar product needs and designing a marketing mix to meet those needs - Differentiated targeting strategy: directs marketing efforts at two or more segments, developing a marketing mix for each segment - Segmentation variables: characteristics of individuals, groups or organization used to divide a market into segments - Demographic Variables: o Age o Gender o Family life cycle o Race o Ethnicity o Income - Geographic Variables o Climate o City size o Terrain o Market Density: refers to the number of potential customers within a unit of land area - Geodemographic segmentation: cluster people in zip code areas and even smaller neighborhoods - Micromarketing: Focuses precise marketing efforts on very small geographic markets - Psychographics Variables: personality, motives and lifestyles, beliefs, and broad issues - Behavioristic Variables: divided among consumer behavior toward a product - Segment Profiles: Similarities of potential customers within a segment - Evaluate Market Segments: o Sales estimates o Competition o Estimated costs - Market potential: total amount of a product customers will purchase within a specified period - Company Sales Potential: maximum % of market potential a firm can expect for a specific product - Executive Judgment: sales forecasting method based on intuition of one or more executives - Forecasting Survey: o Customer, sales force, expert, (all forecasting survey), and Delphi technique - Time series analysis: Forecasting method that uses historical sales data o Trend, Cycle, Seasonal, and Random factor analysis - Regression analysis: method of predicting sales based past sales -


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