first two chapters on the exam:)
first two chapters on the exam:) MKG 300
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This 4 page Study Guide was uploaded by Katherine Ann Turnbull on Sunday September 20, 2015. The Study Guide belongs to MKG 300 at Ball State University taught by Dr. Rodney Davis in Fall 2015. Since its upload, it has received 102 views. For similar materials see Principles of Marketing in Business at Ball State University.
Reviews for first two chapters on the exam:)
Eugh...this class is soo hard! I'm so glad that you'll be posting notes this semester.
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Date Created: 09/20/15
MKG 300 exam 1 study guide Marketing provides needed direction for production and helps make sure that the right goods and services are produced and find their way to customers The performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a ow of need satisfying goodsservices o Affects almost every aspect of your daily life Plays a big part in economic growth and development Encourages research innovation and competition Should begin with potential customer needs not wproduction process Involves exchange Builds relationships 0 Profit and nonprofit OOOOO Macro marketing a social process that directs an economy s ow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of a society 0 Emphasis on how the whole marketing system how it affects society and vice versa Micro View of marketing set of activities performed by individual organizations Customer Satisfaction the extent to which a firm fulfills a customer s needs desires and expectations Universal functions of marketing buying selling transporting storing standardization ampgrading involve sorting products according to size and quality financing risk taking and market information collection analysis and distribution The marketing concept three elements customer satisfaction total company effort and profit as an objective Intermediary someone who specializes in trade rather than production Retailers and wholesalers Collaborators firms that facilitate or provide one or more of the marketing functions other than buying and selling Include advertising agencies marketing research firms independent product testing lab Etc Ecommerce Refers to exchanges between individuals or organizations via online transactions Customer Value the difference between the benefit a customer sees from a market offering and the cost of obtaining those benefits Micro macro dilemma producers and consumers making free choices that can cause con icts and difficulties See page 23 for examplel Social responsibility a firms obligation to improve its positive effects on society and reduce its negative effects Marketing ethics the moral standards that guide marketing decisions and actions Marketing management process planning marketing activities directing the implementation of the plans and controlling these plans See page 33 ow diagram I Strategic management planning the managerial process of developing and maintaining a match between an organizations resources and its market opportunities Marketing strategy specifies a target market and related marketing mix Big picture Target market a fairly homogeneous similar group of customers to whom a company wished to appeal 0 Target marketing focuses on target group with a marketing mix that is tailored to fit target customers Marketing mix the controllable variables the company puts together to satisfy this target group The customer is NOT part of the marketing mix The four Ps make up this mix Product place promotion and price page 36 Mass marketing vaguely aims at everyone with the same marketing mix Channel of distribution any series of firms that participate in the ow of products from the producer to the consumer Personal selling involves direct spoken communication between sellers and potential customer Customer service personal communication between a seller and a customer who wants the seller to resolve a problem with the purchase Mass selling communicating with large numbers of customers at the same time Main form of this is ADVERTISING paid form of nonpersonal presentation of goodservices Publicity any unpaid form of nonpersonal presentation of goodservices Sales promotion refers to those promotion activities other than advertising publicity and personal selling Usually involves coupons contests events etc Marketing plan a written statement of a marketing strategy and the time related details for carrying out the strategy States what marketing mix will be offered the target market company resources that will be needed costs time frame and expected results Implementation putting marketing plans into operation See flow diagram at the top of page 42 in the textbookl Marketing program blends all of the firm s marketing plans into one big plan Customer equity the expected earnings stream of a firms current and prospective customers over some period of time Breakthrough opportunities opportunities that help innovators develop hard to copy marketing strategies that will be profitable for a long time Competitive advantage a firm has a marketing mix that the target market sees as better than a competitors mix See exhibit 29 on page 46 in textbook I SWOT analysis identifies and lists the firm s strengths weaknesses opportunities and threats SWOT is the abbreviation for this Differentiation marketing mix is distinct from what is available from a competitor Four basic types of opportunities 1quot Market penetration trying to increase sales of a firm s present products in its present markets Market development trying to increase sales by selling present products in a new markets Product development offering new or improved products for present markets 4 Diversification moving into totally different lines of business International opportunities should be considered
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