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CSU / Marketing / MKT 300 / Aside from selling and financing, what are the other purposes of marke

Aside from selling and financing, what are the other purposes of marke

Aside from selling and financing, what are the other purposes of marke

Description

Marketing 300 Exam


Aside from selling and financing, what are the other purposes of marketing?



Thursday Chapters 1-4

1 Study Guide Simone Gibeau Study Soup

Day

Sept. 14

Chapter 1: Marketing's value to consumers, Firms, and society

Objective -> understand the fundamentals to marketing

and some of the steps / Strategies of marketing firms Marketing: a process for creating, communicating, and delivering Value


What is the basis of customer value?



the focus is on the customers

Study

Macro-Marketing: a social process that directs an economy's flow of

goods & service from producers to consumers in a way that matches supply & demand focuses on how the whole If you want to learn more check out How are subjects perceived under modern politics?

marketing system works? Marketing Functions


What refers to the expected earning stream of a firm's customers over a period of time?



1. buying , 2.Selling, 3. transporting, 4. Storing, 5. standardization/ grading, 6. risk-taking, 7. market information, 8 financing *market-directed economy adjusts itself* → consumers have freedom of choice

Marketing concept = total company effort & Customer satisfaction If you want to learn more check out What defines nonsampling error?

+ Profit x2 orientations - production-oriented If you want to learn more check out What is the role of tribunes in a consulate?
We also discuss several other topics like Which functional groups contain nitrogen?

focuses on easy products then how to set them + Marketing-oriented

• focuses on trying to offer customers' needs Customer Value: based on perception, for example, some people prefer

Starbucks while others enjoy local coffee shops social responsibility firms' obligation to have positive effects on

society and reduce the negative 5 stages of Marketing 1. Simple Trade Era families sold their surplus

2. Production Era companies focus on specific products cance) 3. Sales Era companies focus on out-selling competition 4. Marketing Dept. mkg activities isolated under 1 dept. 5. Marketing company Bra - Long term mig plans develop Don't forget about the age old question of How do plate tectonics transform boundary?

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Chapter 2: Marketing Strategy Planning

Objective → Learning the preparation /planning that goes into We also discuss several other topics like What are the varieties of protein that you can find in a healthy eating pattern?

different marketing techniques - strategies enng management process: planning marketing activities, direction of

the implementation, and then controlling the plans * Marketing strategy planning isfinding Opportunities and developing

profitable strategies

needs 2 elements... 1 Target market a fairly similar group of customers to whom a

company wishes to appeal to my NOT mass mkg a Marketing Mix the controlled variables the company puts together to

satisfy the target group o 4 Ps the customers' needs are NOT part of marketing *

mix

brand; o Productums good/service, features, benefits, qualitinys, warranty, packaging, e content

239 Pricepuis distribution channel, objectives, exposure, location, recruiting, managing

au flexibility, product life cycle, demographics, discounts, allowances V Promotionis sales people, training, advertising, publicity, sales Imkg strategy L vs. mka plan

mka program

• a broad plan

• fills out mig strategy to blends plans into "big" plan!

o written statement central.depends on careful planning Customer lifetime lotime related details

evaluating Nalue refers to the total stream of purchases of one customer (customer's loyalty) Customer equity: expected earnings stream of a firms customers over time Types of Opportunities present per

product Product

Denkenthe

Penetration is trying to increase sales of present Present mkt Mkt Product

E penetration Development products in present market; new ideas/mkt mix I New mkt an mein Diversifican Development is trying to increase sales of present

products in a new market new Uses for product Product Development as offering new products in present markets;

upgrades J Diversification and moving in a totally new direction; unfamiliar products,

markets, or levels of production marketing

Chapter 3: Evaluating Opportunities in the Changing Market Environment Objective → understand the process of changing

marketing strategies to fit both customer needs

and the market environment * marketing strategy planning requires narrowing down to the best

opportunities to give the firm a competitive advantage * Direct market environment customers, the company, and competitors The External market - Economic environment, Technological environment,

Political / Legal environment, and Cultural, social environment *setting objectives helps companies quide themselves to their goalst

mission statement sets out the organization's purpose

• financial resources determine opportunities - the more resources you have the more you can utilize theme

the competitive environment in the number type of competitors 1. Monopoly one firm controls a broad product market 12. Oligopoly a few big firms in a market 3. Pure competition similar firms w/ similar marketing mixes

4. Monopolistic competition differing firms wl different marketing mixes competitor analysis an organized approach for evaluating the strengths

and weaknesses of current or potential competitors' strategies & mostly focus on their rivals (closest competitors) competitor matrix: an organized table used to compare Strengths tweakenisses > Economic Environment: refers to macroecon factors (national income, econ growth,

inflation) that affect patterns of consumer/ business spending Technological Environment: creates opportunities for new products and it

drives the development of new processes (ways of doing things) Political /Legal Environment in attitudes/ reactions of people, social critics, and a

governments all are affected #nationalism an emphasis on a country's interests before everything else #free trade: refers to agreements between countries to not restrict

imports and exports Cultural/social Environment affects how and why people live and behave

as they do-which affects customer buying behavior & eventually the other environments too

broadtching your 2 Step Ahese broad

market segment your market can markets with broadly similar needs

Chapter 4: Focusing marketing Strategy with Segmentation 3 Positioning

Objective to learn and understand the different approaches

to market different groups with differing opportunition market a group of potential customers with similar needs

* generic markets are markets with broadly similar needs

offer *product-markets are markets with very similar needs and substitutes obroadening your market can create opportunities. market segmentation: 2 step process: 1) naming broad product markets

and 2) segmenting these broad markets to select target markets and develop suitable marketing mixes

* segmenting as an aggregat process clustering people with

similar needs into a marketing segment Criteria

a relatively 7. Homogenues within ✓

homogenus 2. Heterogeneous between

group of customers ole / substantial /

who respond to 4. Operational

marketing mix o 3 market-oriented strategies the same way

in a broad product-marlit All of these approaches 11. Single target market approach involve target marketing 2. multiple target market approach

. 3. Combined farget market approach Qualifying Dimensions are those relevant to including a customer type in a

Product-market. Determinóng Dimensions: are those that actually affect the customer's

~ purchase of a specitic product /brand *Positioning refers to how customers think about proposed or present

brands in a market * Positioning statement concisely identifies the firm's desired

target market, product type, benefits, point of

differentiation, and main point of buying Differentiation making significant changes to your product to

differ the product from every one else's

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