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MKT 2020 Exam 1 Study Guide Preview

by: Sarah Allis

MKT 2020 Exam 1 Study Guide Preview MKT 2020

Marketplace > Ohio University > Marketing > MKT 2020 > MKT 2020 Exam 1 Study Guide Preview
Sarah Allis
GPA 3.7

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About this Document

This is a short preview of what my study guides will look like for this class. Each bolded heading is a subheading in our textbook and I outlined the entire chapters 1, 2, 3, and 13 of our first exam.
Principles of Marketing
Dr. John Kiger
Study Guide
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This 3 page Study Guide was uploaded by Sarah Allis on Monday February 1, 2016. The Study Guide belongs to MKT 2020 at Ohio University taught by Dr. John Kiger in Spring 2016. Since its upload, it has received 18 views. For similar materials see Principles of Marketing in Marketing at Ohio University.

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Date Created: 02/01/16
MKT 2020 Exam 1 Study Guide Chapter 1: Why Marketing Matters to You The Value of Marketing  Marketing: an organizational function and set of processes for creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole Creating Value  Customer value: the perceived benefits that customers receive from a product compared to the cost associated with obtaining it o Home security system = safety o Insurance plan = saving money o Apple iPhone = making life easier  In order to create value, a product must meet a perceived demand in order to predict its success Communicating Value  Companies can have very valuable goods, services, or products; but if they cannot get the word out, they will not have any customers. They need a marketing plan  Companies must communicate the value of the product with the public, so that potential customers are aware of it  When creating a resume to apply for a job, you are marketing yourself Delivering Value  Supply chain: a set of 3 or more companies that are directly linked by the flows of products, services, finances, and information from a source to a customer o Manufacturers, retailers, transportation companies, etc.  Logistics: part of a supply chain management that plans, implements, and controls the flow of goods, services, and information between the point of origin and the final customer History of Marketing  Production orientation: a marketing strategy in which a business focused on efficient processes and production to create quality products and reduce unit costs o Took place prior to the 1920s  Sales orientation: a marketing strategy in which personal selling and advertising are used to persuade consumers to buy new products and more of existing products o Took place from the 1920s to the end of WWII  Marketing concept: a marketing strategy that reflects the idea that a business’s long-term success must include a company- wide effort to satisfy customer needs o Started in early 1950s o Relationship marketing: strategy that focuses on attracting, maintaining, and enhancing customer relationships Needs Vs. Wants  Needs: essential for an individual’s well-being; states of felt deprivation o Food, clothing, shelter, safety  Wants: desired but not essential—shaped by personality and culture o Xbox, cell phones, computers  Businesses need marketing strategies that will satisfy BOTH needs and wants The 4 P’s of Marketing (the Marketing Mix)  Product: goods, services, or ideas that a business offers to consumers  Price: the amount of something (time, money, etc.) that a buyer exchanges with the seller to receive a product  Place: activities a business undertakes to make its product available to potential customers  Promotion: all the activities that communicate the value of a product and persuade customers to buy it Trends Affecting Marketing  Global marketing: consciously addressing customers, markets, and competition throughout the world  Corporate social responsibility: an organization’s obligation to maximize its positive impact and minimize its negative impact on society  Ethics in marketing: being able to clearly understand the norms and values expected of you and act in a way that reflects your company Marketing for Nonprofit Organizations  Many nonprofits face increased competition for support, membership, and donations  Encourage consumer donations (St. Jude Children’s Hospital) Marketing Yourself  Preparing your resume for a job  Marketing in the midst of competitors, global economic uncertainty, marketing for potential donors and sponsors


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