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This 14 page Study Guide was uploaded by Kathryn Halvorsen on Tuesday January 26, 2016. The Study Guide belongs to 300 at Central Michigan University taught by Mark Baczewski in Winter 2016. Since its upload, it has received 46 views. For similar materials see Introduction to Marketing in Marketing at Central Michigan University.
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Date Created: 01/26/16
MKT 300 EXAM 1 CH 15 CHAPTER 1 Marketing 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 Exchange people giving up something in order to receive something they would rather have Characteristics At least two parties something of value desire to deal with other party Customer Satisfaction The customers evaluation of a good or service in terms of whether that good or service has met their needs and expectations 4 marketing management philosophies Production lnternal Capabilities of the firm SalesAggressive sales techniques and belief that high sales result in high profits MarketSatisfying customer needs and wants while meeting objectives Societal satisfying needs and wants while enhancing societal Wellbeing Why study marketing important to society important to business good career opportunities key takeaways from why to study marketing diversity people who like their data and like working with people demand versatilitycan be used in a variety Building relationships involves Customer orientation Employee training programs Employees given more authority to solve customer problem on the spot Emphasize corporation over competition while helping a customer GBS HAS A SOCIETAL ORIENTATION amp HE IMPLEMENTS THE MARKETING CONCEPT BY CREATING HIGH PRICE PRODUCT SUPPLY amp DEMAND CHAPTER TWO Strategic Planning is the managerial process of creating and maintaining a t between the organizations objectives and resources and the evolving market opportunities The goal of strategic planning is longrun pro tability and growth SP requires longterm commitments of resources What is a SBU A strategic business unit a subgroup of a single business or collection of related businesses within the larger organization it is when large companies manage a number of very dif cult businesses Ansoff39s Opportunity Matrix Market penetration increase market share among existing customers Market development products attract new customers to existing products Product development create new products for present markets Diversi cation introduce new products into new markets Boston Consulting Group Star is a fast growing market leader Cash cow generates more cash than it needs to maintain its market share Question Markshows rapid growth but poor pro t margins Dog has low growth potential and a small market share Marketing plan a written document that acts as a guidebook of marketing activities for the marketing manager Planning the processs of anticipating future events and determining strategies to achieve organizational objectives in the future SWOT ANALYSIS Strengths Weaknesses Opportunities Threats Competitive advantage a set of unique features of a company and its products that are perceived by the target market as signi cant and superior to those of the competition Types of Competitive advantages Cost Niche Productservice Differentiation Nederlander key takeaways What was nederlanders objective in creating audience rewards Growing and drawing more people to the theater Describe a compeititve advantage in nederlander clip for audience rewards Is it sustainable Yes partnering with airlines for a re wards bene t What drivers nederlanders marketing strategy and which marketing mix does it rely on People place promotion Marketing Mix People Price buyer must give up to obtain a product Place when and where to ensure when products arrive Promotion informing educating advertising PR sales promotion personal selling Product tangible goods ideas services package warranty image and value Business mission statement a statement of the rm s business based on a careful analysis of bene ts sought by present and potential customers and an analysis of existing and anticipated environmental conditions Marketing objective realistic measureable time speci c and compared to a benchmark Following up on the marketing plan implementation evaluation and control marketing audit CHAPTER 3 Concept of Ethical Behavior The moral principles or values that generally govern the conduct of an individual or a group Ethics the values that govern an individuals ls different from morals which are rules people develop quotgood or badquot Corporate social responsibility Corporates social responsibility is a business s concern for society s welfare Stakeholder theory says social responsibility is paying attention to the rest of every affected stakeholder in every aspect of a rms operation Sustainability socia responsible companies will out perform their peers it is in businesses best interest to nd ways to attack society s ills Green marketing the development and marketing of products designed to minimize negative effects on the environment or improve the environment environmentally aware customers pay more for products companies educate customers of environmental bene ts causerelated marketing pro t and non pro t organizations cooperate to generate funds generates 7 billion annually too many causes lead to customer case fatigue zappo s has a societal orientation they enhance individuals and build long lasting relationships How does zappos practice corporate social responsibility Gets employees engaged not just a one time thing Cheritable and sustainable on their website Tiffany s shift in the way americans spend their money millenials love brands that are useful economic downturn Ch 4 amp 5 combined Target marketa group of people or organizations for which an organization designs implements and maintains a marketing mix intended to meet the need of that group resulting in mutually satisfying exchanges Demographic Factors people are the basis for any market 0 Demographic characteristics relate to buyer behavior 0 Demographic Cohorts have their own needs values and consumption patterns TWEENS Pre and early adolescents age 812 Popuation of 20 million Directly spend about 30 billion annually Parents spend 180 billion on tweens annually TWEENS Popuation of about 25 million 95 percent of us teens are on the internet view shopping as a social sport 75 percent of teens are into social networking a teens average annual increase is 3095 while 21 percent are unemployed MILLENIALS Born between 19791994 Surpassed population of baby boomers Two stages 1 Those born in 1994 are just entering young adukhood 2 those born in 1979 have established careers and started families Purchasing power of 200 billion annually Generation X Born bw 19651978 Popuation of 50 million lndependent resilient adaptable cautious and skeptical Gen Xers face a 59 decline in net worth from 20052010 Xers spend 62 more on housing 50 more on apparel and 27 more on entertainment Baby Boomers Born between 19461964 Boomers are carrying substantial nancial burdens including their children s educations mortgages and health care Boomers spend 18 trillion annually on food cars personal care and other personal products Boomers are willing to change brands and try new things The US Hispanic consumer market is now larger than all but 13 world economies African American buying power increased 73 between 2000 and 2012 Asian American buying power increased 165 percent bw 20002012 About 1 in 3 US residents is a member of a minority group The us will ip to majority of minority completely in 2041 Economic Factors consumers income purchasing power in ation recession consumers incomes Median us household income in 2014 was aprox 51000 Avg family incomes when adjusted for in ation fell around 8 bw 20072011 Education is the primary determinant of earning potential Purchasing power is measured by comparing income to the relative cost of a standard set of goods and services in different geographic areas Usually referred to as the cost of living Political and legal factors Laws and regulations protect new technology society businesses consumers state laws legislation that affects marketing varies state by state Regulatory Agencies Consumer Product Safety Commission protects consumer safety in and around their homes Food and Drug AdministrationEnforces safety regulations for food and drug products Federal Trade Commission prevents unfair methods of competition in commerce Having a global vision means recognizing and reacting to international marketing opportunities using effective global marketing strategies being aware of threats from foreign competitors Importance of global marketing in US The US derives 14 of gross domestic product from world trade Since 2009 growing exports have added 61 million private sector jobs to the us economy 287000 small and medium size rms export goods from the US Negatives of Trade and Globalization millions of Americans have lost jobs millions fear losing jobs threat of outsourcing if workers do not accept pay cuts vulnerability to operations moving offshore Bene ts of Globalization expands economic freedom spurs competition raises productivity and living standards offers access to foreign capital global export markets and advanced technology promotes higher labor and environmental standards acts as a check on government power external environment facing global marketers culture economic dvlpment Political structure natural resources demographic makeup culture the common set of values shared by its citizens that determine what is socially acceptable factors to keep in mind when dealing with different cultures 1 language and cultural idioms 2 customs and traditions 3 values and expecations of sales presentations developed country complex sophisticated industries less developed country basic industries Economic Dvlpment china and india have two of the highest growth rates in the world have the world s two largest populations but among highest levels of income disparity both india and china have exploded in spending power particularly in the upper classes Legal Considerations Tariff a tax levied on goods entering a country Quota limit on the amount of a product entering a country Boycott exclusion of products from a country Exchange control foreign exchange must be sold to a control agency Market grouping common trade alliance Trade agreement an agreement to stimulate international trade SOME Members of the G20 India mexico china us UK Australia Why go global earn additional pro ts leverage a unique product or technological advantage possess exclusive market information saturated domestic markets excess capacity utiize economies of scale Dumping the sale of an exported product at a price lower than that charged for the same or a like product in the home market of the exporter Entering the global market place Export sell domestically produced products to buyers in other countries Licensing and franchisinglegal process allowing use of manufacturing patents knowledge Contract manufacturing private label manufacturing by a foreign country Joint venture domestic rm buys joins a foreign company to create new entity Direct investment active ownership of a foreign company manufacturing facility The impact of the Internet Opening an Ecommerce site puts a company in the international marketplace The internet based economy remains hindered by brick and mortar rules regulation and habits Social Media Global marketers use social media Because it is popular around the world to understand customers for global brand building International marketing target market product price promotion distribution place ls nederlander was globalized if so where Across US and United Kingdom American Values self suf ciency upward mobility work ethic conformity Buying Habits Reliability Durabiity Easy maintence Ease of use Trusted brand name Low price Social Factors that can affect marketing Attitudes Values amp Lifestyles Reverse International Marketing Target market Product Price Promotion Place
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