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MKT305 Exam 1 StudyGuide

by: Taylor Devereux

MKT305 Exam 1 StudyGuide MKT 305

Marketplace > Colorado State University > Business > MKT 305 > MKT305 Exam 1 StudyGuide
Taylor Devereux

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About this Document

This study guide covers Chapter 1 material. Material on the exam will also cover marketing yourself but all the needed information can be found on Professor Cooks canvas page so I didn't include...
Fundamentals of Marketing
James Cook
Study Guide
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This 5 page Study Guide was uploaded by Taylor Devereux on Tuesday February 9, 2016. The Study Guide belongs to MKT 305 at Colorado State University taught by James Cook in Summer 2015. Since its upload, it has received 126 views. For similar materials see Fundamentals of Marketing in Business at Colorado State University.


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Date Created: 02/09/16
Marketing 305 Exam #1 Study Guide Chapter 1 Selling  1 way Marketing    2 ways  The evolution of marketing (the whole process: awareness thru selling thru marketing) o Industrial revolution/Civil War= awareness ear o Post Civil War­WWII= selling era  Upward curve of the government and economy  This is when we tried to convince people that you NEED the product o Post WWII­1990s= marketing  WWII brought the US out of the depression   From the great depression to the WORST of the great depression to WWII  We saw the LARGEST leap of economic growth and money  Producers started having competition  Companies could meet demand by finding what there was the largest market  for  Who was the most successful?  The person who did the best job at giving the consumer what they  want  1990s­Present= relationship marketing  Small businesses can compete in this type of marketing best  BRAND LOYALTY!!! o It is cheaper to keep customers than to get new ones  2000s­Present= social media marketing  In 2000 Facebook came along  2010s­Present= guerrilla marketing  3D  Not going to see it on flyers, billboards, TV, etc.  You “walk” into and experience the ad  Very popular in Europe right now! Slowly coming to USA  Marketing – the activity for creating and delivering offerings that benefit the organization,  its stakeholders, and society  Exchange – the trade of things of value between a buyer and a seller so that each is better off  Diversity factors influencing marketing activities o Society (suppliers, customers, shareholders (owners), and other organization o Environmental (social, economic, technological, competitive, regulatory)    Environmental forces influencing marketing activities o Internal and external environmental scanning is critical  External  Every business needs to scan the environment for trends   If you wait for the competition to sell something before you sell what  is the popular trend then it’s too late  Culture shock o Used to one thing in a culture then placed into a different  culture  Change could accelerate so much, we could have future shock!  ALWAYS have to be adapting   Internal  Customers= tell them that they are the most important (they are not)  Employees= MOST important!!! Their happiness is most important  What is needed for marketing to occur (four factors) o 2 or more parties with unsatisfied needs  When someone develops a need for a good that they don’t know there is a  product out there that satisfies the need. Two parties have unfulfilled needs  ex: you want a poweraid, your local grocery store sells them, and needs you to buy it o Desire and ability to satisfy those needs  You and the grocery store owner want to satisfy the unfulfilled need. You also have the money to buy the poweraid and the time to go to the store. The  storeowner of the grocery store also wants to sell the poweraid and is able to  because it’s stocked on the shelf.  o A way for parties to communicate  The marketing transaction of buying the poweraid won’t happen unless it is  known that that product exists and where it is available for purchase. Also, the storeowner isn’t going to stock the poweraid unless he is certain that there is a market for them and people will buy them. If you were to receive a free  sample in the mail or see a poweraid in the store the communication barrier is  broken down between you (buyer) and the grocery store (seller). o Something to exchange   Marketing occurs when the transaction takes place and the buyer and the seller exchange something that holds value. Ex: like you exchanging money for a  poweraid. You and the grocery store gained something and gave up  something. But you are both better off because you have both satisfied the  unfulfilled needs. You get a poweraid but you gave up money. Store gave up  the poweraid but gained money. Ethical and legal exchange process occurred.  FOUNDATIONS OF EXCHANGE are CENTRAL to marketing.   The four P’s of marketing form foundation for DIFFERENTIATION o Differentiation­ process that you make yourself different enough so competition is not competition   Needs to be hard to replicate  Closely linked to the target market  Target market­ one or more specific groups of potential consumers  toward which an organization directs its marketing program o Customer value proposition­ a cluster of benefits that an organization promises  customers to satisfy their needs   4 P’s 1) Product­ good, service, or idea to satisfy the customer’s needs 2) Place­ a means of getting the product to the consumer 3) Price­ what is exchanged for the product. 4) Promotion­ means of communication between seller and buyer Price=the easiest to replicate ­if you use the low price strategy you have to have a strong enough foundation to be able  to suffer a loss Product (service) and Place= hardest to replicate Place= if you offer delivery, interior of your selling space, etc. Promotion= easy to replicate ­marketing, promotions (coupons), if you do promotions too often customers will start to  think the sale price is the normal price and they will never want to pay the regular price  Marketing mix ­ the controllable factors (product, price, place, and promotion) that the  marketing manager can use to solve a marketing problem. o Called controllable factors because they are under control of marketing department in  an organization  Customer value/Value Proposition  Customer value­ buyers benefits, including quality, convenience, on­time delivery, and  before and after sale service at a specific price o Benefit vs. Price  More benefit, Lower price = MORE value  Less benefit, Higher price = LESS value  Relationship marketing­ linking the organization to its individual customers, employees,  suppliers, and other partners for their mutual long­term benefit o Building relationships/high knowledge­ comfort to customers and awareness o Build customers for a lifetime  Create a database for every customer (include picture if possible) so you can  remember things about them and make them feel at home  Best for small town businesses  Ex: if high school colors of the town are blue and green then your  company should incorporate these colors  Marketing program – a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers  o Prospects react favorably (by buying) or negatively (not buying) process is then  repeated o 3 Ms Strategy and Marketing Program to Help Students Study   Moving from ideas to a marketable highlighter product  Added post it flags to the top on the highlighter because the big post its don’t fit in a highlighter  Users wanted a convenient, reliable cover to protect the Post­it flags,  so they created a rotating cover   Adding the post­it flag pen  Students are potential market for this product smaller market than  office workers though.   People in offices need immediate access to Post­its   A marketing program for the post­it flag highlighter and pen   Several years of research, development, and production engineering  new product gets developed  1. Product strategy a. Offer new calculator to help college students study 2. Price strategy  a. Retail price of $25.99 to $29.99 for one calculator  b. $45.99 to $49.99 for a two pack  3. Promotion strategy a. Run short term promotion using a college newspaper ad and/or TV ad then hope  that college word of mouth message will work 4. Place strategy  a. Distribution calculators in the college bookstore, office supply store, and any  mass merchandiser     Social responsibility – if a manufacturer dumps chemicals into a river this has an effect of  the environment and society   Societal marketing concept­ the view that organizations should satisfy the needs of  consumers in a way that also provides for society’s well­being  o Individuals and organization’s are accountable to a larger society o Well being of the society on a large scale should be recognized in an organizations  marketing decision  Marketing concept – the idea that an organization should strive to satisfy the needs of  consumers while also trying to achieve the organizations goals  Ultimate consumers­ people who use the product and services purchased for a household  Organizational buyers­ manufacturers, wholesalers, retailers, and government agencies that  buy products and services for their own use or for resale   Product – good, service, or idea consisting of a bundle of tangible and intangible attributes  that satisfy consumers needs and is received in exchange for money or something else of  value  Utility­ benefits or customer value received by users of the product  Types of unethical practices in advertising o Exploitation of… (women, kids, animals) o Promotes bad/unethical behavior  o “Bait and switch”  Customer liked the advertisement of a low priced product then is encouraged  to buy a higher priced one o Unproven/Improvable results  o Atypical results  Fake or changing results from what you thought it was like when you bought  it o False authorizes o Mocks other products o Lying/exaggerating  o “Caveat emptor” let the buyers beware, sold as is  Product could fail on you and not meet expectations or have defects 


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