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Marketing 3000 - Exam 1 Study Guide

by: Alyssa Pope

Marketing 3000 - Exam 1 Study Guide MRKTNG 3000 - 02

Marketplace > University of Missouri - Columbia > Marketing > MRKTNG 3000 - 02 > Marketing 3000 Exam 1 Study Guide
Alyssa Pope
GPA 3.2
Principles of Marketing
Joel Poor

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About this Document

This study guide goes over the material that will be on the first exam.
Principles of Marketing
Joel Poor
Study Guide
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This 7 page Study Guide was uploaded by Alyssa Pope on Sunday September 13, 2015. The Study Guide belongs to MRKTNG 3000 - 02 at University of Missouri - Columbia taught by Joel Poor in Fall 2015. Since its upload, it has received 221 views. For similar materials see Principles of Marketing in Marketing at University of Missouri - Columbia.

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Date Created: 09/13/15
Marketing 3000 byJoeI Poor Exam 1 Study Guide De nition of Marketing the process and planning and executing and conception pricing promotion and distribution of ideas goods and services to create that satisfy individual and organizational objectives Aka Marketing is the study of exchange Given this quotexchangequot de nition what are the requirements that de ne the scope of marketing study A Two Parties Communication Organization39s marketing department Discover consumer needs Information about needs Potential consumers The Market The Marketing Concept Is there an undiscovered need Is it wanted Is it desired Sufficient demand Marketing39s second task Satisfying consumer39s needs Discover consumer needs Satisfy consumer needs nd the right combination of product price promotion place Most important most of the time When there are similar products Unknown product similar products Service Which of the P39s are most important What is the Marketing Mix Which of the following are the decisions managers make a the four P s b the marketing conceptmix Bene ts and Costs Categories Functional Learn about marketing get coursebuy product or service hammer pen watch Social Social media cell phone Personal gym membership exercise equipment Experiential football games concerts amusement parks Describe Each Cost Monetary tuition and book fees Example buying furniture Temporal time spent in class studying Example putting together Psychological stress studying for exams Example stress of building the furniture Behavioral expending energy walking to class or getting sick from lectures Non Monetary Costs Ex IKEA Time consuming Boxed Stress Marketing Strategy and Competitive Analysis Analyzing the marketing environment Due to increased consumption 0 Sweetner Companies Truvia Sweet n low Splenda Energy Supplements o If it works its dangerous A Marketing Environment Analysis Framework How do companies identify potential changestrends that may affect them 0 Watch tvads 0 New products 0 Social Media Economic changes can affect different companies Corporate Strategy 0 Which industries do we want to compete Industry Pro tability Dependent On Industry Competitiveness Availability of Substitute Products Potential Entrants Supplier Power Buyer Power Longest lasting framework 0 Which industries will be popular in the future O 0000 Industry Pro tability Industry Competitiveness Associate the changes in the factors in industry pro t Availability of Substitutes Customers can choose another product as a substitute 0 Few or No Substitutes Gasoline Cellphone Providers 0 Many Substitutes Beverages soda water coffee energy drinks The substitutes may be a bigger competitive Threat of potential Entrants High Barriers to Entry Higher Pro tability Examples of network barrier Word Processing Software Seers Industry Buyers Supplier and Buyer Power Many Suppliers you have low supply power Supply power high pro t What is Sustainable Competitive Advantage An Advantage versus competition that can be maintained consistently over time Sustainable Competitive Advantage Competency through company s products to consumers Operating Ef cacy Intensive Growth Strategies Anso s ProductMarket Expansion Grid Existing Products New Products 1 Market 3Product Penetration Development Existing Markets 2 Market 4Diversi cati Development on New Markets Firms grow through market penetration Moving to new country marketing development Diversi cation college of business came up a hybrid program and come in every 8 weeks for intense class experience Same market and same product Market Penetration Chile China and New Zealand Adventure traveler younger Queenstown tourist city Chile Population 175 million huge economy China Population 1357 million have no leverage If ef cient it can accomplish more New Zealand Population 44 million has tourism Total GDPcapital population Chile s fruit during their summer our winter they send US fruit New Zealand sells to China Chile sells copper to China New Zealand sells dairy Sell powered milk to china Marketing Research Includes Syndicated research services 0 Research that s done by companies for sale of other companies Marketing information systems 0 Processes that collect information internally for a company Marketing intelligence 0 Or decision support systems Nonrecurring research projects 0 eg study of consumers perceptions toward hospital strategic alliance o onetime research study The marketing research process De ning the problem and research objectives Developing the research plan Collect the information Analyze the information Present the ndings U39lbUUNH Nonrecurring MR process using primary data Exploratory Research Sheds light on problems suggest solutions or new ideas Descriptive Research Ascertain magnitudes Casual Research Test cause and effect relationships Research is very important ex Pizza Restaurant Price Hours Delivery Observational Focus Group Survey MOST COMMON Behavioral Experimental laboratory experiments are controlled Field Experiment out in the open Test Market Experiment used right before eliminating a product world wide ALWAYS USE SECONDARY DATA FIRST Good marketing Research ls scienti c objective and unbiased ls creative different way to solve for sensitive subjects Uses multiple methods experiment observations Realizes the interdependence of models and data Acknowledges the cost amp value of information Maintains healthy skepticism ls ethical FP P FP NE What is market share Brand SalesIndustry Sales Expressed in or in units Ex Droid 300 lphone 250 Blackberry 200 More 250 lphone 250 1000 4 Sales Forecast Based on speci c marketing plan Expressed in dollars or product units Typically covers a 1year period Marketing Segmentation is the process of dividing the total market for a good or service into several internally homogenous groups Geographic Segmentation Take zip code and nd psychographic that is most precedent nation region urbanrural regional climatic status Demographic age gender ethnicity income education occupation family type marital Psychographic attitudes and lifestyles STUDY HARD AND GOOD LUCK I


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