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TEXAS STATE / Marketing / MKT 3343 / What is the function of marketing cost analysis?

What is the function of marketing cost analysis?

What is the function of marketing cost analysis?

Description

School: Texas State University
Department: Marketing
Course: Principles of Marketing
Professor: E. kemp
Term: Fall 2018
Tags:
Cost: 50
Name: MKT Exam 1 Study Guide
Description: ch. 1-4
Uploaded: 09/10/2018
12 Pages 116 Views 2 Unlocks
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MKT Exam 1


What is the function of marketing cost analysis?



68 questions (MC) through MindTap  

0pens @ 1:50pm & Closes @ 3:40pm on Wednesday (9/19/18)

Chapter 1

Marketing: The process of creating, pricing, distributing, and promoting goods, services, and ideas to  facilitate satisfying exchange relationships with customers and to develop and maintain favorable  relationships with stakeholders in a dynamic environment

Customers: The purchasers of organizations’ products; the focal point of all marketing activities target market: A specific group of customers on whom an organization focuses its marketing efforts

marketing mix: Four marketing variables—product, pricing, distribution, and promotion—that a firm  controls to meet the needs of customers within its target market


What is the function of strategic marketing management?



Don't forget about the age old question of Archaeology is the study of what?

Product: A good, a service, or an idea

Value: A customer’s subjective assessment of benefits relative to costs in determining the worth of a  product

Exchanges: The provision or transfer of goods, services, or ideas in return for something of value

Stakeholders: Constituents who have a “stake,” or claim, in some aspect of a company’s products,  operations, markets, industry, and outcomes, indirectly or directly affected by the existence of an org

marketing environment: The competitive, economic, political, legal and regulatory, technological,  and sociocultural forces that surround the customer and affect the marketing mix

marketing concept: A managerial philosophy that an organization should try to satisfy customers’  needs through a coordinated set of activities that also allows the organization to achieve its goals


What are the brand competitors?



market orientation: An organization wide commitment to researching and responding to customer  needs; reactive instead of proactive  

customer relationship management (CRM): Using information about customers to create  marketing strategies that develop and sustain desirable customer relationships If you want to learn more check out What are the resonance structures for some ions and molecules?

relationship marketing: Establishing long-term, mutually satisfying buyer–seller relationships

green marketing: A strategic process involving stakeholder assessment to create meaningful, long term relationships with customers while maintaining, supporting, and enhancing the natural  environment

Chapter 2

strategic marketing management: The process of planning, implementing, and evaluating the  performance of marketing activities and strategies, both effectively and efficiently

strategic planning: The process of establishing an organizational mission and formulating goals,  corporate strategy, marketing objectives, marketing strategy, and a marketing plan

mission statement: A long-term view, or vision, of what the organization wants to become

corporate strategy: A strategy that determines the means for utilizing resources in the various  functional areas to reach the organization’s goals

strategic business unit (SBU): A division, product line, or other profit center within the parent  company

Market: A group of individuals and/or organizations that have needs for products in a product class  and have the ability, willingness, and authority to purchase those products If you want to learn more check out What is the function of the electron transport chain?

market share: The percentage of a market that actually buys a specific product from a particular  company; may not be bound by time like strategic window

market growth/market share matrix: A helpful business tool, based on the philosophy that a  product’s market growth rate and its market share are important considerations in determining its  marketing strategy

core competencies: Things a company does extremely well, which sometimes give it an advantage  over its competition

market opportunity: A combination of circumstances and timing that permits an organization to take  action to reach a particular target market

strategic windows: Temporary periods of optimal fit between the key requirements of a market and  the particular capabilities of a company competing in that market

competitive advantage: The result of a company matching a core competency to opportunities it has  discovered in the marketplace; someone else can copy but yours is better  

SWOT analysis: Assessment of an organization’s strengths, weaknesses, opportunities, and threats

first-mover advantage: The ability of a company to achieve long-term competitive advantages by  being the first to offer an innovative product in the marketplace Don't forget about the age old question of What are the 4 stages of the estrous cycle?

late-mover advantage: The ability of later market entrants to achieve long-term competitive  advantages by not being the first to offer a product in a marketplace

marketing objective: A statement of what is to be accomplished through marketing activities We also discuss several other topics like What is the introduction of nutrition?

marketing strategy: A plan of action for identifying and analyzing a target market and developing a  marketing mix to meet the needs of that market

sustainable competitive advantage: An advantage that the competition cannot copy marketing implementation: The process of putting marketing strategies into action

centralized organization: A structure in which top-level managers delegate little authority to lower  levels

decentralized organization: A structure in which decision-making authority is delegated as far down  the chain of command as possible

strategic performance evaluation: Establishing performance standards, measuring actual  performance, comparing actual performance with established standards, and modifying the marketing  strategy, if needed Don't forget about the age old question of What is stability vs plasticity?

performance standard: An expected level of performance against which actual performance can be  compared

sales analysis: Analysis of sales figures to evaluate a firm’s performance

marketing cost analysis: Analysis of costs to determine which are associated with specific marketing  efforts

marketing plan: A written document that specifies the activities to be performed to implement and  control the organization’s marketing strategies

dog: low share low growth  

star: low share high growth  

Chapter 3

environmental scanning: The process of collecting information about forces in the marketing  environment

environmental analysis: The process of assessing and interpreting information gathered through  environmental scanning

Competition: Other firms that market products that are similar to or can be substituted for a firm’s  products in the same geographic area

brand competitors: Firms that market products with similar features and benefits to the same  customers at similar prices

product competitors: Firms that compete in the same product class but market products with  different features, benefits, and prices

total budget competitors: Firms that compete for the limited financial resources of the same  customers

Monopoly: A competitive structure in which an organization offers a product that has no close  substitutes, making that organization the sole source of supply; only 1 seller, ALMOST always  government regulated (ex: electric utilities)

Oligopoly: A competitive structure in which a few sellers control the supply of a large proportion of a  product (ex: Sprint, Tmobile, At&t)  

monopolistic competition: A competitive structure in which a firm has many potential competitors  and tries to develop a marketing strategy to differentiate its product (ex: when steaks are too expensive  go to pork chops)  

pure competition: A market structure characterized by an extremely large number of sellers, none  strong enough to significantly influence price or supply (ex: Exxon, Shell, 7-eleven)

buying power: Resources—such as money, goods, and services—that can be traded in an exchange disposable income: After-tax income

discretionary income: Disposable income available for spending and saving after an individual has  purchased the basic necessities of food, clothing, and shelter

business cycle: A pattern of economic fluctuations that has four stages: prosperity, recession,  depression, and recovery

Federal Trade Commission (FTC): An agency that regulates a variety of business practices and curbs  false advertising, misleading pricing, and deceptive packaging and labeling

Better Business Bureau: A local, nongovernmental regulatory agency, supported by local businesses,  that helps settle problems between customers and specific business firms

National Advertising Review Board (NARB): A self-regulatory unit that considers challenges to  issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus)  about an advertisement

Technology: The application of knowledge and tools to solve problems and perform tasks more  efficiently

sociocultural forces: The influences in a society and its culture(s) that change people’s attitudes,  beliefs, norms, customs, and lifestyles

social responsibility: An organization’s obligation to maximize its positive impact and minimize its  negative impact on society

marketing citizenship: The adoption of a strategic focus for fulfilling the economic, legal, ethical, and  philanthropic social responsibilities expected by stakeholders

ethical issue: An identifiable problem, situation, or opportunity requiring a choice among several  actions that must be evaluated as right or wrong, ethical or unethical

cause-related marketing: The practice of linking products to a particular social cause on an ongoing  or short-term basis

strategic philanthropy approach: The synergistic use of organizational core competencies and  resources to address key stakeholders’ interests and achieve both organizational and social benefits

Consumerism: Organized efforts by individuals, groups, and organizations to protect consumers’  rights

codes of conduct: Formalized rules and standards that describe what a company expects of its  employees

Chapter 4

probability sampling: A type of sampling in which every element in the population being studied has  a known chance of being selected for study; everyone is included

nonprobability sampling: A sampling technique in which there is no way to calculate the likelihood  that a specific element of the population being studied will be chosen; some are excluded

primary data: Data observed and recorded or collected directly from respondents; advantage is you  can customize research to generate EXACTLY what you intend; expensive and time consuming

secondary data: Data compiled both inside and outside the organization for some purpose other than  the current investigation; might work out but might not  

Dichotomous question: a question that can be answered by a ‘yes’ or ‘no’

Validity: A condition that exists when a research method measures what it is supposed to measure; is  it true or not?

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