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BGSU / Marketing / MKT 3000 / How does marketing create value?

How does marketing create value?

How does marketing create value?

Description

School: Bowling Green State University
Department: Marketing
Course: Marketing/Non Business
Professor: Fei weisstein
Term: Fall 2018
Tags:
Cost: 50
Name: EXAM #1 STUDY GUIDE - MKT 3000
Description: EXAM #1 STUDY GUIDE FOR MKT 3000. THE EXAM IS ON WEDNESDAY SEPTEMBER 26.
Uploaded: 09/23/2018
9 Pages 43 Views 2 Unlocks
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EXAM #1 STUDY GUIDE 


How does marketing create value?



CHAPTER 1 – OVERVIEW OF MARKETING 

WHAT IS MARKETING?

∙ Customer value, stresses customer satisfaction

∙ A philosophy, attitude, perspective, and management orientation

∙ A set of activities

o Products

o Place

o Promotion

o Pricing 

∙ The activity, set of institutions, and processes for creating, communicating, delivering,  and exchanging offerings that have VALUE for customers, clients, partners, and society 

at large

∙ Not simply about sales… but rather about value

∙ Value creation and exchange

WHAT IS THE ULTIMATE GOAL OF MARKETING?


What does production focus on in respect to the firm?



∙ Creates value

∙ Satisfying customer’s needs and wants

∙ Entails an exchange

∙ Requires product, price, place, and promotion

∙ Builds relationships

∙ Employees 1st, Customers 2nd 

o Employee satisfaction  Greater effort, higher quality, repeat business, growth  and profit, stockholder satisfaction, more investment We also discuss several other topics like Why is directly observing electrons impossible?

MARKETING MANAGEMENT PHILOSOPHIES

∙ 4 marketing management philosophies strongly influence a firm’s marketing process  o Production

 Focuses on internal capabilities of the firm


How is aggressive selling performed?



 What is easy to produce, given our equipment?

o Sales 

 Focuses on the aggressive sales techniques and belief that high sales result

in high profits

 How can we sell more aggressively?

o Market

 Focuses on satisfying customer wants and needs while meeting objectives  What do customers want and need?

o Societal 

 Focuses on satisfying customer wants and needs while enhancing 

individual and societal well­being 

 Benefit society?

DIFFERENCES BETWEEN SALES AND MARKET ORIENTATIONS We also discuss several other topics like Who coined the term subordinate acceptance?

∙ Sales 

o Marketing = selling things and collecting money

o Disregards marker needs and consumer demand

o Buy 2, get 1 free

∙ Market

o Focusing on customer needs and wants to distinguish products from competitors’ 

offerings

o Integrating all the organization’s activities to satisfy these wants

o Achieving the organization’s long­term goals by satisfying customer wants and 

needs

o Do not treat all consumers the same

o EX: iPhone making different sized phones, different GB plans

CHAPTER 2 – STRATEGIC PLANNING FOR COMPETITIVE  ADVANTAGE 

WHAT IS MARKETING PLAN AND ITS ELEMENTS?

Business Mission Statement Situation or SWOT Analysis 

Objectives 

Marketing Strategy Target Market Strategy We also discuss several other topics like Oceanic transform connects what?

Marketing Mix 

Product Distribution

Promotion

Price

Implementation

Evaluation

Control

BUSINESS MISSIONS VS OBJECTIVES 

∙ Missions

o Answers the question

 “What business are we in?”

o Focus on the market rather than the good / service o Too narrow  marketing myopia

o Too broad  no direction

 Loses focus

o Just right  focus on markets served and benefits customers seek

SITUATION ANALYSIS AND ITS OUTCOMES (SWOT)

∙ SWOT METHOD

o Identify internal strengths, weaknesses, and also examining external 

opportunities, and threats

o S = strengths (internal)

 Things company does well

o W = weaknesses (internal)

 Things company does not do well

o O = opportunities (external)

 Conditions in the external environment that favor strengths

o T = threats (external)

 Conditions in the external environment that do not relate to existing  If you want to learn more check out What is the function of a working fluid?

strengths or favor areas of current weaknesses

 Competitors 

∙ Outcomes of SWOT We also discuss several other topics like What is an order and interpretation the archaeologist imposes on the stratified deposits; stratigraphic record?

o Market Penetration – increase market share among existing customers; increase 

shares

o Market Development – attract new customers to existing products; increase 

customers

o Product Development – create new products for present markets; increase 

products

o Diversification – create new products for new markets; increase products + new  markets If you want to learn more check out Franz boas is a father of what?

DIFFERENT TYPES OF COMPETITIVE ADVANTAGE

∙ Competitive Advantage – the set of unique features of a company and its products that 

are perceived by the target market as significant and superior to the competition  ∙ Types of competitive advantage

o Cost

o Product / service differentiation

o Niche 

∙ Cost Competitive

o Having a cost competitive advantage means being the low­cost competitor in an 

industry while maintaining satisfactory profit margin

∙ Sustainable Competitive Advantage 

o Cost leadership

o Differentiation

 Product

 Fast service

 Brand

∙ Strong global presence

∙ Niche Competitive Advantage

o Seeks to target and effectively serve a single segment of the market

o Used by small companies with limited resources

o May be used in a limited geographic market

o Effective for market segments with good growth potential but is not crucial to  success of competitors

MARKETING MIX: THE 4 P’s

∙ Product

o Starting point of 4 P’s

o Includes:

 Physical unit

 Package

 Warranty

 Service

 Brand 

 Image

 Value

∙ Place

o Product availability

 Where and when customers want them

o Physical distribution

∙ Promotion

o Role is to bring about exchange with target markets by:

 Informing

 Educating

 Persuading

 Reminding 

o Includes integration

 Personal selling

 Advertising

∙ Price

o Money, time, and energy

o Everything the buyer gives up in exchange for the product

o Competitive weapon

o Only one that is the quickest to change – most flexible

o Price x Unites Sold = Total Revenue 

 Only P that can generate a profit

o Strategies:

 Cost­based pricing

 Competitors­based pricing

 Value­based pricing

WHAT IMPORTANT ELEMENTS NEEDED TO BE CONSIDERED A MARKETING  PLAN?

∙ Needs to be realistic 

∙ Needs to be measurable 

∙ Needs to be time specific 

∙ Needs to be compared to a benchmark 

CHAPTER 3 – ETHICS AND SOCIAL RESPONSIBILITY 

CIVIL SOCIETY

∙ Social control

o Any means used to maintain behavioral norms and regulate conflict o Behavior Norms ­ standards of proper or acceptable behavior

ETHICS AND MORALITY

∙ Ethics – moral principles or values that generally govern the conduct of an individual ∙ Ethics consist of unwritten rules

∙ Morals – rules people develop as result of cultural/society values and norms ETHICAL BEHAVIOR IN BUSINESS

∙ Ethical Decision Making

o Influential factors:

 Extent of problems

 Top management actions

 Potential consequences

 Social consensus

 Probability of harm

 Time until consequence

 Number affected

∙ Ethical Development Levels

o Preconventional Morality  more childlike

 Based on what will be punished or rewarded

 Self­centered, selfish

 Maximize positive; minimize negative

o Conventional Morality

 More towards the expectations of society

 Concerned over legality and opinion of others

o Postconventional Morality  more mature

 Concern about how they judge themselves

∙ Ethical Guidelines

o Helps identify acceptable business practices

o Helps control behavior internally

o Avoids confusion in decision making 

o Facilitates discussion about right and wrong

COPORATE SOCIAL RESPONSIBILITY

∙ Sustainability – the idea that socially responsible companies will outperform their peers  by focusing on the world’s social and environmental problems and viewing them as 

opportunities to build profits and help the world at the same time

∙ Business’s concerns for societal welfare

CAUSE­RELATED MARKETING

∙ Cooperative effort between for­profit and non­profit organizations

CHAPTER 4 – THE MARKETING ENVIRONMENT

EXTERNAL MARKETING ENVIRONMENT 

∙ Involves 

o Understanding current customers

o Understanding how customers make decisions 

o Identifying the most valuable customers and understanding their needs o Understanding the competition

∙ Important for marketing managers in order to plan for future

∙ Internal – within the organization; can be controlled

∙ External – uncontrollable 

SOCIAL, DEMOGRAPHIC, ECONOMIC, TECHNOLOGICAL, AND  POLITICAL/LEGAL FACTORS

∙ Social 

o Include our attitudes, values, and lifestyles

o American Values

 Self­Sufficiency

 Upward mobility

 Work ethic

 Equality

 Individualism

 Achievement orientation

o Time pressure

o Component lifestyles

o Changing role of women

o Marketing environment

 Forces outside marketing that affect

∙ Demographic

o Demographic characteristics relate to buyer behavior

o Demographic cohorts have their own needs, values, and consumption patterns ∙ Economic

o Consumer Income

o Purchasing Power

o Inflation 

o Recession

∙ Technological 

o Technological success is based upon innovation

o Corporate structure and management actions are required to bring new technology o Workers should be encouraged to innovate

∙ Political / Legal 

o Business needs government regulation to:

 Protect innovators of new technology

 Protect the interests of society and consumers o Government needs business to:

 Generate taxes that support public efforts  Sell goods and services to the government

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