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STUDY GUIDE test 1 Foundations of Marketing

by: Tara Gardner

STUDY GUIDE test 1 Foundations of Marketing MKTG 3650

Marketplace > University of North Texas > Business > MKTG 3650 > STUDY GUIDE test 1 Foundations of Marketing
Tara Gardner
GPA 4.0

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About this Document

Please note that this study guide is in no means all-inclusive. However I did include all the concepts I felt were the most important, based on the concepts that were most stressed during lectures....
Foundations of Marketing
David Strutton
Study Guide
foundationsofmarketing, Marketing, test, Studyguide, chapters1-4
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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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