MKT 301 - Exam I
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This 9 page Study Guide was uploaded by Rachel_Anderson on Friday January 29, 2016. The Study Guide belongs to MKT 301 at Clemson University taught by James Gaubert in Spring 2016. Since its upload, it has received 265 views. For similar materials see Intro to Marketing in Marketing at Clemson University.
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Date Created: 01/29/16
Exam I Study Guide MKT 301 - Gaubert Chapter 1 - Overview of Marketing Define the role of Marketing in organizations - Marketing – org function & set of processes for creating, capturing, communicating, and delivering value to the customers. Creates relationships that benefit the organization and its stakeholders. o This includes brand loyalty o Stakeholders include: investors, employees, customers, society - Marketing: o Helps create value o Is about satisfying customer wants and needs o Entails an exchange o Requires product, price, place & promotion decisions. o Can be performed by both individuals and organizations o Occurs in many settings - Marketing Entails Exchange o Large ongoing circle from: § Goods/services producers (sellers) § Communications & delivery § Customers/consumers (buyers) § Money & information The Four P’s & What they Stand for - Product o Creating value § By developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs. - Price o Capturing value § By producing a product that the buyers are willing to give up their time, money, & energy. - Place o Delivering the Value Proposition § Place = Supply chain management § Performs activities necessary to get the product to the right customer when the customer wants it. - Promotion Decisions o Communicating Value § Communication by a marketer that informs, persuades, & reminds potential buyers about a product or service to influence their opinions or elicit a response. Marketing Impacts Various Stakeholders - Society - Customers - Employees - Supply Chain Value Based Marketing - Have to give their customers greater value than their competitor Why is Marketing Important? - Creates long lasting, mutually valuable relationships between the company and the firms from which it buys. - It defines those elements that local customers value and makes it possible for the firm to expand globally Chapter 1 Practice Questions 1. What is the definition of marketing? 2. Marketing is about satisfying ______ and ______. 3. What are the four components of the marketing mix? 4. Who can perform marketing? 5. What are the various eras of marketing? 6. Does providing a good value mean selling at a low price? 7. What are the benefits of long-term relationships with customers? 8. How are marketers connecting with customers using social & mobile media? 9. List 5 functions that illustrate the importance of marketing. 10.A firm doing the right thing emphasizes the importance of marketing to ______. Chapter 2 - Developing mkt strategies & a marketing plan (large chapter, a little more info on exam than other chapters) Developing marketing strategies - Operational Excellence: o Efficient operations <--> Excellent supply chain management Product Excellence Locational Excellence - in retail, location is a large part of choosing your success The Marketing Plan: Step 1: Business mission - MADD: Mission statement o MADD strives to stop drunk driving, support the victims of this violent crime & prevent underage drinking. Step 2: Situation analysis aka SWOT (strengths, weakness, opportunity, threats) - Normally done by a 2x2 matrix o We want to be as objective as possible o helps us decide if/where we need to change our plan Step 3: Identify opportunity - Segmentation - Targeting - Position ourselves that stands out from the rest of the market you’re in Step 4: Implement marketing mix - product - value creation = - are the benefits valued enough for me to achieve it? - price - value capture = o should align ourselves of what that price point expects, how much is a product worth? - place - value delivery = o accessibility, making sure your product is available/recourses to expand - promotion - value communication = o thru TV, radio, magazines, sales force, social media Step 5: Evaluate performance using marketing metrics - Strategic Business Unit o want to see if you have a high or low market share § represented as a percentage normally § notice if the market is increasing or decreasing § categorize SBUs as Stars, Question Marks (problem child), Cash Cows, Dogs Three Phases of a Strategic Plan - Planning - Implementing - Controlling Market Penetration - existing marketing mix - existing customers - in what way is a scale a market penetration? - what can a company do to continue to grow in a difficult retail environment? Product Development - New product or service - Current target market o Ex. Apple, introduces a new iPhone, product or update. - Market doesn't change, they just give us a new product. Diversification - New product or service - New market segment Firm Goals A. Greed & shirt term profit seeking = serious long term consequences B. Creating value over the long run = long term success The Scope of Marketing Ethics Needing to establish a responsibility for their consumers Why People Act Unethically if we seize this opp what are the negative consequences, are there any possible positive consequences? remember VW, lying about carbon expenditures including gas mileage What are the Ethical Decision Making Steps? Chapter 2 Review Questions 1. What are the four growth strategies? 2. What type of strategy is growing the business from existing customers? 3. Which strategy is the riskiest? 4. What are the various components of a marketing strategy? 5. List the four macro strategies that can help a firm develop a sustainable competitive advantage. Chapter 3 - Social & Mobile Marketing The 4E Framework for Social Media - Social Media - Excitement the customer o Offer must be relevant to its targeted customer § Personalized offers - Educate the customer o Golden Opportunity: § Products value proposition and offered benefits - - Experience the product or service o Info about a firm’s goods & services § Stimulates real experiences § Makes them feel as if they may already have the product or service, creates want - Engage the customer o Show action taken, loyalty and commitment § Positively engaged customers lead to more profitability § Yet it can also backfire so be cautious and smart Categories of Social Media - Social network sites o Creators, Bonders, Professionals, Sharers § These different categories of different people using SM network sites use them for a different amount of time depending on their reason for usage. o Highlights how customers can experience & engage customers - Thought sharing sites o Through blogs § Corporate § Professional § Personal o Micro blogs such as: § Twitter § tumbler - Media sharing sites o Price check apps o Fashion apps o Location apps How do firms engage their customers by SM? - Listen o Attitudes o preferences - Analyze o Hits o Page views o Bounce rate o Click paths o Conversion rates o Keyword analysis - Do (SM Marketing Campaign) o Identify strategy goals o Target audience o Campaign: experiment & engage o Budget o Monitor & change SM Branding - Extended network is the influence of a person’s cumulative network - Influence is always needed Chapter 3 Review Questions: 1. What are the 4 Es? 2. 2. What social media elements work best for each of the 4 Es? 3. What is an example of a social network, a media sharing site, a thought-sharing site, and a mobile application? 4. At which of the 4e dimensions do social networks, media-sharing sites, thought- sharing sites, and mobile applications excel? 5. What are the three steps in developing social media engagement strategies? 6. How do firms examine customer sentiments? 7. What are the steps in developing a social media campaign? 8. Why might it be important to develop a personal social media presence? Chapter 4 - Marketing Ethics Firm Goals - Greed & short term profit seeking = serious long term consequences - Creating value over the long run = long term success Marketing Ethics is made up of what? - Business ethics - Marketing ethics Creating an ethical climate in the workplace - Values o Establish o Share o Understand - Rules o Management commitment o Employee dedication - Controls - Reward Punishment AMA (American Marketing Association) Code of Ethics - Generally accepted code in marketing - Flows from general norms of conduct to specific values - Subareas within marketing have their own code of ethics to deal with specific issues Influence of personal ethics are: - Genetics - Family - Religion - Values Why people act unethically - What makes people take actions that create so much harm? - Are all the individuals who engage in questionable behavior just plain immoral or unethical? o Decisions often have conflicting outcomes, where both options have positive and negative consequences Competing Outcomes - Dangerous flaw in new model o Delay production o Delayed revenue o Possible layoffs o Loss of bonuses - Continue production o Potential injury to consumers o Loss of revenue *You want to be both ethical and socially responsible* Ethical Decision Making - Step 1 o Identify Issues - Step 2 o Gather information and identify stakeholders - Step 3 o Brainstorm and evaluate alternatives - Step 4 o Choose a course of action Integrating Ethics into Market Strategy - Planning phase o The mission or vision statement sets the overall ethical tone for planning. o Mission statements can be used as a means to guide a firm’s SWOT analysis. - Implementation phase o Should the firm be targeting this market with this product? o Should the firm be selling its product in this market in this manner? o Should the firm be relocating production to another country? - Control phase o Check successful implementation o React to change Corporate Social Responsibility - Employees o Families - Customers o Current customers o Potential customers - Marketplace o Partners o Competitors - Society o Community o Environment Chapter 4 Review Questions 1. Identify the stages in the ethical decision-making framework. 2. What ethical questions should a marketing manager consider at each stage of the marketing plan? 3. How has corporate social responsibility evolved since the turn of the twenty-first century? 4. Provide examples of each of the stakeholders that firms should consider in their corporate social responsibility efforts.
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