Principle of Marketing (Ch. 1-5) Exchange For an exchange to take place, both party must have something that other values. Both party must be able to communicate, and believe that it is appropriate tIf you want to learn more check out c) What is the weight in pounds of a person, who weighs 62 kg?
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Don't forget about the age old question of 1319015883
Don't forget about the age old question of in materials such as metals, the outer shell electrons are loosely bound to the nuclei of their atoms and are free to move from one atom to another. these materials are good conductors.
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o deal with each other. Each party must be free to accept or reject exchange offer. For Example: If I decided to sell watches on Amazon. What condition is necessary for an exchange to occur between me and a buyer? The buyers must be able to see the watch and understand its quality Production Orientation: Company focusing mostly on what they can make or do best Example Questions: Researchers at PPG Industries spent considerable time, effort, and money developing a bluish windshield that would let in filtered sunlight but block out the heat. Little market research was done, but the scientists were convinced this new product would be significantly better than existing windshields even though it was more expensive and of a different color than the current models on the market. This scenario suggests PPG most likely has a(n) Production orientation. Market Orientation: Company that primarily focus on customer’s needs and want. Example Question: When a homeowner visited Ace Hardware to buy what he thought he needed to fix a leaky Faucet, he gathered up material totaling almost $70. This sort of discussion between employment and customers is commonplace at Ace Hardware and indicates the retail store has a Market orientation Sales Orientation: Company that focus on techniques to sell more products to customers. Example Question: Kay jewelry creates and markets silver and turquoise jewelry. Which it sells to retailers in the western united….so the company provides strong incentives for sales people and promotional allowance to reseller to get distribution for its jewelry. In other word company has a Sales orientation. Societal Orientation: Company that focus on needs and wants of certain society. Example Question: A company that plans in organizing large family reunion targets on what ethnic market? Ans: Especially Hispanic society The Relationship Marketing: When a company keep improving their relationship with customersExample: When a participant earns a free flight or other awards. The Airlines that use frequent flyer programs are using The relationship Marketing strategy. A cash cow generates more cash than it needs to maintain market share. It is in a low-growth market, but the product has dominant market share. The marketing strategy is to maintain market dominance by being the price leader and by making technological improvements. Allocate excess cash to high-growth prospects. Example Question: Folger’s coffee is the market leader, but overall industry growth is low in this market. Tide would be classified as a Cash Cow in a portfolio matrix. Strategic Planning: Creating and managing fit between the organization’s objectives and resources. QUESTION: What is the most critical element in successful strategic planning? Ans: Top management support and participants What is situation analysis? Situation analysis is the process on analyzing company’s strengths, weakness, opportunities and threats EXAMPLE: Briggs Briggs and Stratton is a Southeastern company that makes small engines. The company is looking at customer trends, its competitors, and the economy to see if there are any threats or opportunities on the horizon. It has also examined its production policies and sales histories to determine its strengths and weaknesses. Briggs & Stratton is conducting a Situation analysis on a environment test. Elements of marketing plan: 1. Business mission statement 2. Situation analysis 3. Target market strategy 4. Marketing mix Marketing Mix: the unique bled of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchange with a target market.Distribution strategies: Making sure products are available when and where customers want them in job. Contract manufacturing: takes place when a foreign company produces goods to specification set by a domestic company, with the domestic firm’s brand name affixed to the goods. Recession: A period of economic activity characterized by negative growth, which reduces demand for goods and services. Global Marketing Standardization: Production of uniform products that can be sold the same way all over the world. Dumping: The sale of an exported product at a price lower than that charged for the same or a like product in the “home” market of the exporter. Counter trade: A form of trade in which all or parts of the payment for goods or services is in the form of other goods or services a.