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Exam 1 Review

by: Natalie Notetaker

Exam 1 Review Mkt 350

Natalie Notetaker
GPA 2.5
Intro to Marketing

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Intro to Marketing
Study Guide
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This 5 page Study Guide was uploaded by Natalie Notetaker on Friday September 25, 2015. The Study Guide belongs to Mkt 350 at Missouri State University taught by Parker in Summer 2015. Since its upload, it has received 45 views. For similar materials see Intro to Marketing in Business at Missouri State University.


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Date Created: 09/25/15
EXAM l MARKET WILLING ABILITY AND AUTHORITY TO BUY Market A group of individuals anor organizations that have needs for products in a product class and have the ability willingness and authority to purchase those products MARKETING ENVIRONMENT DYNAMICCHANGING Dynamic Changing DEFINITION OF MARKETING The process of creating distributing promoting and pricing goods services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment MARKET MIX Four marketing elements product distribution promotion and pricing that a firm can control to meet the needs of customers within its target markets TARGET MARKET A specific group that an organization typically focuses their marketing efforts on SELLING PRODUCTION MARKETING SOCIETAL ORIENTATION Selling The selling concept believes that customers will not buy products unless persuaded to do so As we know this is true even today in case of certain products such as insurance Although the customer should use it they rarely do Production An easy way to understand this term is to reference Henry Ford the original manufacturer of American cars Production orientation is a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace Ford created one type of car and stated that the consumer could have it in any color as long as it was black Marketing Just like selling is a necessity similarly branding and marketing are a necessity in some products The marketing concept proposes that the success of a firm depends on the marketing efforts of the company in delivering a value proposition Societal Orientation The societal marketing concept leads to a company orientation which believes in giving back to the society what it had received from the society This concept believes that the company is profiting because of society and hence it should also take measures to make sure the society also benefits from the company RELATIONSHIP MARKETING Longterm mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges ENVIRONMENTAL SCANNING ANALYSIS Environmental Scanning The process of collecting information about forces in the marketing environment Environmental Analysis The process of assessing and interpreting the information gathered through environmental scanning A manager evaluates the information for accuracy tries to resolve inconsistencies in the data and if warranted assigns significance to the findings OLIGOPOLYMONOPOLY Oligopoly A competitive structure in which a few sellers control the supply of a large proportion of a product Monopoly A competitive structure in which an organization offers a product that has no close substitutes making that organization the sole source of supply PROSPERITY RECOVERY RECESSION Prosperity A stage of the business cycle characterized by low unemployment and relatively high total income which together ensure high buying power provided the in ation rate stays low Recession A stage of the business cycle during which unemployment rises and total buying power declines sti ing both consumer and business spending Recovery A stage of the business cycle in which the economy moves from recession or depression towards prosperity TYPES OF ITEMS IN EACH OF THE UNCONTROLLABLE VARIABLES MARKETING ETHICS Principles and standards that define acceptable marketing conduct as determined by various stakeholders THREE WAVES OF CONSUMERISM SOCIAL RESPONSIBILITY An organization s obligation to maximize its positive impact and minimize its negative impact on society GREEN MARKETING A strategic process involving stakeholder assessment to create meaningful longterm relationships with customers while maintaining supporting and enhancing the natural environment KENNEDY S RIGHTS The right to safety Marketers are obligated not to market a product they know could harm customers The right to be informed Consumers should have access to and the opportunity to review all relevant information about a product before buying it Many laws require specific labeling on product packaging to satisfy this right The right to choose Consumers should have access to a variety of products and services at competitive prices They should also be assured of satisfactory quality and service at a fair price The right to be heard Ensures that consumers interests will receive full and sympathetic consideration in the formulation of government policy It also promises consumers fair treatment when they complain to marketers about products FACTORS IN ETHICAL DECISION MAKING Individual Factors When people need to resolve ethical con icts in their daily lives they often base their decisions on their own values and principles of right or wrong Organizational Relationships Ethical choices in marketing are most often made jointly in work groups and committees or in conversations and discussion with coworkers Marketing employees resolve ethical issues based not only on what they learned from their own backgrounds but also on what they learn from others in the organization Opportunity A marketing employee who takes advantage of an opportunity to act unethically and is regarded or suffers no penalty may repeat such acts as other opportunities arise UTILITARIANISM ETHICAL FORMALISM Utilitarianism The belief that a morally good action is one that helps the greatest number of people Ethical Formalism an ethical theory that de nes morals based off of logic and reason which says that if something is de ned as wrong or right it is de ned as wrong or right all the time LIMITED EXPORTING TO MANUFACTURING ETHNOCENTRIC POLYCENTRIC Ethnocentric Evaluating other peoples and cultures according to the standards of one39s own culture Polycentric Having many centers especially of power or importance QUOTA EMBARGO Quota A limit on the amount of goods an importing country will accept for certain product categories in a specific period of time Embargo A government s suspension of trade in a particular product or with a given country DEVELOPED TO UNDERDEVELOPED COUNTRIES DUMPING Where you charge a lower price abroad than you do in your home market TRANSFER PRICING For tax purposes you can move the title of goods from one location to another to find a better tax rate GENTRIFICATION Movement back to the city ETHNOCENTRIC POLYCENTRIC REGIOCENTRIC WORLD WIDE Ethnocentric We look at the US being our market not really any other countries We look at two or more countries as our market Then we tailor a marketing program to match each of those countries Regiocentric We are going to try and look for products that fit an entire region Ex South America North America and Europe World Wide Orientation Look at the entire world as our market MARKET DRIVEN COMMAND DRIVEN Market Driven Command Driven PRODUCTCOMMUNICATION EXTENSION ETC UNDIFFERENTIATED DIFFERENTIATED CONCENTRATED CUSTOM Undifferentiated A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product Differentiated An organization directs its marketing efforts at tow or more segments by developing a marketing mix for each segment Concentrated A market segmentation strategy in which an organization targets a single market segment using one marketing mix Custom This newest target marketing strategy attempts to appeal to targeted customers with individualized marketing programs For micro marketing segmentation to be effective the marketer must to some degree allow customers to build their own products DEMOGRAPHIC PSYCHOGRAPHIC Demographic Demographic variables include age gender ethnicity education income marital status employment status and perceived socio economic status PyschoGraphic Marketers sometimes user psychographic variables such as personality characteristics motives and lifestyles to segment markets A psychographic dimension can be used by itself to segment a market or it can be combined with other types of segmentation variables SALES FORECAST SALES POTENTIAL Sales Forecast The amount of a product a company expects to sell during a specific period at a specified level of marketing activities Sales Potential Assesses What sales are possible at various levels of marketing activities assuming environmental conditions Will exist MARKET SEGMENT PROFILES SIMILARITIES AMONG POTENTIAL CUSTOMERS A market segment profile describes the similarities among potential customers Within a segment and explains the differences among people and organizations in different segments A profile may cover such aspects as demographic characteristics geographic factors product benefits sought lifestyles brand preferences and usage rates


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