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Clemson - MKT 3010 - MKT Test One Study Guide - Study Guide

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Clemson - MKT 3010 - MKT Test One Study Guide - Study Guide

School: Clemson University
Department: Marketing
Course: Principles of Marketing
Professor: Carter McElveen
Term: Spring 2016
Tags: Marketing
Name: MKT Test One Study Guide
Description: This study guide covers textbook notes from Chapter One, Two, Five, and Six. We heard that this test will mostly be definitions so every definition in the book is included. It also includes lecture not
Uploaded: 09/06/2016
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background image MKT 3010  Chapter One: Overview of Marketing   
 
•  The American Marketing Association states that “marketing is the activity, set of  institutions, and the processes for creating, capturing, communicating, delivering, and 
exchanging offers that have value for customers, clients, partners, and society at large.” 
•  Marketing plan: something that firms develop that illustrate their plan of activities for a  certain period   o  The marketing plan has a few important key factors   §   How will the product be viewed/designed  §   How much will it cost  §   Where/how will it be promoted  §   How will we reach our audience   •  Core Aspects of Marketing   o  Marketing helps create value 
o  Marketing is about satisfying customer needs and wants 
o  Marketing entails an exchange 
o  Marketing requires product, price, place, and promotion decisions 
o  Marketing can be performed by both individuals and organizations 
o  Marketing occurs in many settings 
•  The marketplace refers to the world of trade  o  But it can be broken down into groups of similar interests   •  It is not practical for a marketer to be able to sell their product to everyone 
•  Exchange: the trade of things of value between the buyer and the seller so that each is 
better off as a result. (This is what marketing is about)   •  Marketing Mix KNOWN as the 4 p’s: four interrelated sects that marketing is divided  into  
1.  Product: Creating Value 
•  Develop a variety of offerings: good, services, ideas 
•  Goods: items you can physically touch  
•  Services: intangible customer benefits that can’t be separated from the consumer 
(Buying a movie ticket TO watch the movie, not to just have the ticket)  •  Getting your eye examined (service), getting glasses (good) 
•  Ideas: Concepts, opinions, and philosophies 
2.  Price: Capturing Value   •  EVERYTHING has a price 
•  It’s everything the buyer gives up (money, time, energy) in exchange for a 
product  •  It’s important to figure out how much the customers are willing to pay so they’re  satisfied and the seller gets a reasonable profit  3.  Place: Delivering the Value Proposition  •  Get it to the right customer when they want it  
•  Marketing channel management/supply chain management: set of approaches and 
techniques that firms employ to efficiently and effectively integrate their 
background image suppliers, manufacturers, warehouses, stores, and other firms involved in the 
transaction (maybe transportation companies) into a seamless value chain in 
which merchandise is produced and distributed in the right quantities, to the right 
locations, and at the right time while minimizing system wide costs and satisfying 
the service levels required by the customers.  
4.  Promotion: Communicating the Value Proposition   •  Inform, persuade, and remind potential buyers why your product is great    §   B2C (business-to-consumer) : Retailers will buy merchandise in bulk and sell it to you in  smaller amounts   §   B2B (Business-to-business): Selling merchandise or services from one business to  another  §   C2C: Consumers sell to other consumers   §   Production-Oriented Era: Around the turn of the 20 th  century, most firms believed that a  product would sell itself  o  Didn’t really care about satisfying the individual needs of a customer  §   Sales-oriented Era: Between 1920 and 1950  o  People became more self-sufficient and did things on their own instead of needing  to go out and buy it   §   Marketed-Oriented Era: After World War 2. Started focusing more on what consumers  wanted and needed.   §   Value-Based Marketing Era: Most successful firms these days.   o  Want to give customers greater value than their competitors did  
o  Value: reflects the relationship of benefits to costs, or what you get for what you 
give.   o  Value cocreation: Customers act as collaborators with a manufacturer or retailer  to create the product or service  
 
How Do Marketing Firms Become More Value Driven? 
 
I.  Sharing Information 
Ø
  Marketers share information about customers and competitors   Ø   Collect purchase information and research customer trends   II.  Balancing Benefits with Costs 
Ø
  Use available customer date to find opportunities to satisfy customers   Ø   Satisfying customers, keeping costs down, and developing long-term loyalties is key  III.  Building Relationships with Customers  
Ø
  Relationship orientation: A method of building a relationship with customers based  on the philosophy that buyers and sellers should develop a long-term relationship  Ø   Firms focus on the lifetime profitability of the relationship, not just one transaction   o  Apple making all of their new phones with the same charger attempts to build  this relationship   Ø   Customer Relationship Management (CRM): A business and set of strategies,  programs, and systems that focus on identifying and building loyalty among the 
firm’s most valued customers.  
   
background image §   Only 10 percent of the world’s population uses Facebook.   §   Supply chain/marketing channel: Group of firms that make and deliver a given set of  goods and services   §   Entrepreneurs: A person who organizes, operates, and assumes the risk of a new business  venture.   o  Key is to satisfy unfilled needs (Netflix, amazon, OWN)     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
background image Chapter Two Book     §   Nike began in the early 70’s as an American company in Oregon   o  Now is about 33% of the worldwide market  §   Marketing strategy: specific actions a firm intends to implement to appeal to potential  customers   o  Identifies a firm’s target markets, its four p’s, and the basis on which the firm  plans to build a sustainable competitive advantage  §   Marketing plan: provides a blueprint for implementing the marketing strategy   §   Sustainable competitive advantage: Advantage over the competition that is not easily  copied so it can be maintained for a long time   o  Acts like a wall   §   There are four strategies in the marketing mix that create and deliver value and develop  sustainable competitive advantage   
a)  Customer excellence: Wants to keep loyal customers by having great customer service 
b)  Operational excellence: Achieved through efficient operations and excellent supply chain 
and human resource management   c)  Product excellence: Having products with high perceived value and effective branding  and positioning  d)  Locational excelling: Good location and strong internet position     A.  CUSTOMER EXCELLENCE 
§
  Loyalty is much more than you think  o  It means that customers ae reluctant to patronize competitive firms  §   Wants a customer that not only buys something for him/herself, but buys it for their  whole family.   §   The key is to not see someone as just a single transaction, but a lifetime customer   §   It’s important for a company to positon itself. Nike-à sports   §   Quality customer service is something that gradually must become a natural habit for  employees (chick-fil-a)    B.  OPERATIONAL EXCELLENCE  
§
  Second way to achieve a sustainable competitive advantage  §   Efficient operations, excellent supply chain management, and strong relationship with  suppliers   §   Every company wants to deliver their goods when they’re customers want them, at a  decent price, still make a profit, and ensure the greatness of quality   §   Firms with strong relationships may get exclusive rights   o  Sell merchandise in a particular region 
o  Obtain special terms of purchase that are not available to competitors  
o  Receive popular merchandise that may be in short supply  
§   Netflix’s supply chain is continuously evolving and becoming increasingly  efficient     C.  PRODUCT EXCELLENCE 
background image  
§
  Occurs by providing products with high perceived value and effective branding and  positioning   §   Some will have trouble with this if their competitors can do better   §   It’s important to have a clear and consistent brand image   o  Microsoft, google, McDonald’s, coke    D.  LOCATIONAL EXCELLENCE 
§
  Important for retailers and service providers  §   Three most important things are location, location, location  §   Starbucks is good at this     §   Keep in mind that just one of these strategy’s alone is not sufficient   §   Three major phases of the marketing plan are planning, implementation, and control  §   The marketing plan has 5 phases though   1.  The planning phase: define the mission/vision 
2.  How various things, inside and outside, affect the firm’s potential 
success  3.  Implementation phase: segmentation, targeting, and position (STP) 
4.  Implement the marketing mix using the four p’s 
5.  Control phase: evaluate the performance and correcting if needed 
This goes more in depth over the 5 steps. 
 
The marketing plan is a written document composed of an analysis of the current marketing 
situation, opportunities, and threats for the firm, marketing objectives and strategy specified in 
terms of the four p’s, action programs, and projected or pro-forma income statements.  
 
STEP ONE: Define the business mission  
§   Mission statement: broad description of a firm’s objectives  o  Tries to answer:  §   What type of business are we?  §   What do we need to do to accomplish our goals?  STEP TWO: Conduct a situation analysis   §   Using a SWOT analysis that assesses both the internal environment in regards to  Strengths and Weaknesses and external environment in terms of its Opportunities and 
Threats 
§   Should also observe changes in Culture, Demographic, Social, Technological, Economic,  and Political forces (CDSTEP)  STEP THREE: Identifying and evaluating opportunities using STP (segmentation, targeting, and 
positioning)  
§   Divides the market into subgroups  §   Market segmentation: dividing the market into groups of customers with different needs,  wants, or characteristics   §   Targeting: After a firm has identified the carious market segments it might pursue, it  evaluates each segment and decides which to pursue   §   It’s like coke targeting coke zero for men and diet coke for women  

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School: Clemson University
Department: Marketing
Course: Principles of Marketing
Professor: Carter McElveen
Term: Spring 2016
Tags: Marketing
Name: MKT Test One Study Guide
Description: This study guide covers textbook notes from Chapter One, Two, Five, and Six. We heard that this test will mostly be definitions so every definition in the book is included. It also includes lecture not
Uploaded: 09/06/2016
23 Pages 101 Views 80 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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