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This 4 page Study Guide was uploaded by Carmen Saulsberry on Sunday September 20, 2015. The Study Guide belongs to 300 at University of Southern Mississippi taught by in Summer 2015. Since its upload, it has received 60 views. For similar materials see Principles of Marketing in Marketing at University of Southern Mississippi.
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Date Created: 09/20/15
Review Sheet Exam 1 Spring 2015 Chapter 1 Eras of Marketing 2 39 ProductionOriented Era belief that a good product would sell itself manufacturers were concerned with product innovation retail stores were considered a place to hold the merchandise until a consumer wanted it quotCustomers can have any color they want so long as its blackquot 39 SalesOriented Era manufactures had the capacity to produce more than what the customers really wanted or were able to buy Overproduction was discovered 39 MarketOriented Era quotbuyers marketquot where customers dominated manufacturers and retailers focused more on what customers wanted and needed before they designed made to attempted to sell their products and services 39 ValueBased Marketing Era companies attempted to discover and satisfy their customers39 needs and wants gave the customers greater value Exchange the trade of things of value between the buyer and the seller so that each is better off as a result Perceived value 2 39 The worth that a product or service has in the mind of the consumer Relationship marketing 2 39 a form of marketing developed from direct response marketing campaigns which emphasizes customer retention and satisfaction rather than a dominant focus on sales transactions Chapter 2 Sustainable competitive advantage 2 39 An advantage over the competition that is not easily copied and thus can be maintained over a long period of time 39 Also known as the marketer s target market 39 For example Nike s thickest wall is from its strong brand based on years of technological breakthroughs which has created a loyal customer base These customers are aware of Nike39s infamous swoosh we and consider the brand as a rst option when they need athletic wear Customer loyalty SWOT 2 39 Assesses both the internal environment with regards to its strengths and weaknesses and the external environment in terms of its opportunities and threats In reference to Nike vs Adidas competitor Internal Strength strong brand to strong celebrity endorsers Weakness overreliance on footwear External Opportunity emerging countries or other fashion segments Threats cheaper imports or imitation products Positioning 39 The process of de ning the marketing mix variables so that target customers have a clear distinctive desirable understanding of what the product does or represents in comparison with competing products For example 39 Hertz positions itself as a quality car rental company that is the rst choice for each of its target segments by stressing that customers will get peace of mind when they rent and be able to enjoy their journey leisure consumers and reduce time business consumers The internal environment Boston Consulting Group matrix 2 ProductMarket Growth Matrix 3 Control Stage of Strategic planning Chapter 4 When do ethical concerns arise Longterm versus shortterm orientation Ethics versus Corporate Social Responsibility 2 Chapter 5 Social Trends Cultural aspects Changes in gender roles Regional identity Economic forces Chapter 6 Consumer decision process 39 Needs 2 39 Decision making 3 39 Cognitive dissonance Maslow Levels of decision making 2 Chapter 7 BZC versus 323 Types of business buyers Business buying process steps Types of business buying decisions 4 People in the buying centerprocess
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