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Marketing concepts

by: Anthony Ivy

Marketing concepts Marketing

Anthony Ivy

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Notes for study guide ch. 1-5
marketing concepts
Bob Boeckel
Study Guide
50 ?




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This 3 page Study Guide was uploaded by Anthony Ivy on Monday March 7, 2016. The Study Guide belongs to Marketing at University of Missouri - Kansas City taught by Bob Boeckel in Spring 2016. Since its upload, it has received 20 views. For similar materials see marketing concepts in Marketing at University of Missouri - Kansas City.

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Date Created: 03/07/16
Marketing study guide Bob Boeckel Ch.1 Market Objective Marketing is the activity, set of institutions, and processes for creating, communicating,  delivering, and exchanging offerings that have value for customers, clients, partners, and  Market development/ Diversification  society at large.  Market penetration / Product development  Requirements for marketing: 4 p’s { price­promotion­product­place}  Parties with Unsatisfied Needs A Desire and Ability to be Satisfied A Way for the Parties to communicate Something to Exchange {Green marketing­Developing products less harmful, positive impact, events”} {Cause­related marketing­ issue or cause with a goal of improving sales} {Social marketing­ “person; place; cause; event; organization”} Four Eras of marketing: Production “A good product will sell itself” Sales “creative advertising/selling will overcome consumers” Marketing “Find a need and fill it” Relationship “Long­term leads to success” Marketing mix­1. Product 2.promotion 3.price 4. Distribution Marketing myopia­ management’s failure to recognize the scope of its business Mission statement­ Essential purpose that differentiates one company from others Marketing strategies­ Wide program for selecting a particular target market, using mix Chapter 2 Strategic planning: 1) Primary objective 2) Adopting courses of action 3) Addresses  long­term actions Tactical planning: 1) guides the implementation of activities specified in the strategic  plan 2) addresses shorter­term actions  S.M.A.R.T. Specific­measurable­attainable­relevant­time­based S.W.O.T. Strengths­weaknesses­opportunities­threats  Anoff matrix­  First mover­ capture market share & long­term goals by being first to enter market Second mover­ watches first movers (then improves) to gain advantage in market 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.    1     Cost 2)Product/services 3)Niche strategies Michael porter Five forces model­planning strategies 1) Potential new entrants 2) Bargaining power of buyers 3) Bargaining power of suppliers 4) Threat of substitute products 5) Rivalry among competitors  BCG matrix­share/market growth matrix places SBU in a four­quadrant chart that plots market share against market growth potential Social responsibility­ Philanthropic­Ethical­Legal­Economic (CBP) Needs vs motives….perceptions, attitudes, learned, and self­concept  Chapter 3 & 4 Maslow’s Hierarchy {physiological….food, water, heath}                                  {Safety…life insurance, protection}                                {Belongingness…fashion, entertainment}                               {Esteem…hobbies, credit cards}                              {Self­actualization…, travel} Three attitude components; Affective, cognitive, behavioral…{Learning­shaping­self­concept}  The    Asch phenomenon can be defined as the effect of a reference group on individual decision making that occurs because of a perceived pressure to conform to the stated opinions of the group members. Business market demand­ derived, volatile, joint, inelastic demand Offshoring their cost are less and lost saving Outsourcing raises security concerns  


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