STUDY GUIDE test 1 Foundations of Marketing
STUDY GUIDE test 1 Foundations of Marketing MKTG 3650
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This 1 page Study Guide was uploaded by Tara Gardner on Friday September 16, 2016. The Study Guide belongs to MKTG 3650 at University of North Texas taught by David Strutton in Fall 2016. Since its upload, it has received 34 views. For similar materials see Foundations of Marketing in Business at University of North Texas.
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Date Created: 09/16/16
CONCEPTS FOR THE TEST Market: all potential or actual users of product o most organizations don't cater to the entire market but rather a market segment o markets are heterogonous (diverse) o market segments are homogenous (similar) respond in similar fashion to the marketing mix few firms can target more than 3-5 segments at a tine each segment demands an independent marketing mix niche-one specific part of a specific segment (the book uses the example of toothpaste targeted towards smokers) Marketing Mix (4ps of marketing): Product (starting point) price place promotion services also have (7ps of marketing): people process physical (surroundings) the marketing mix delivers value to the firm (hopefully differentiating) o Differentiating can be viewed as "different from" and "better than" o (successful) differentiation = (successful) positioning coccus inside the mind of the targeted marketing segment positioning-the bundles of perceptions that come to mind when thinking of a particular brand (ie toyota vs cadilac) o perception is key perceptions-our perceptions are our "imagined realities" SWOT-strengths, weaknesses, opportunities, and threats (BCG) product portfolio matrix-how to allocate limited resources o Cash cows, stars, dogs, and question marks o 3Ts-time, talent, treasure where does the firm allocate the time of the people what are the employees good at maximize revenue, minimize costs Macroenviornment-the factors outside the firm that the firm has no control over, but should understand o Relevant in the firm's enviornment: the firms suppliers firms intermediaries tends amongst the firm customers societal-demographics cultural trend economic conditions it trends) technological trends The firms competitive conditions trends Regulation and laws that confront and constrain the firms TEST STRUCTURE 50 questions, 55 minutes to complete exam 25 questions come out of test bank (practice questions) remainder based on-discussions in class The first half-hour of class a review so long as people ASK QUESTIONS Multiple choice an true/false
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