PRINCIPLES OF MARKETING
PRINCIPLES OF MARKETING MKTG 409
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This 9 page Study Guide was uploaded by Adelbert Keeling on Wednesday October 21, 2015. The Study Guide belongs to MKTG 409 at Texas A&M University taught by Larry Gresham in Fall. Since its upload, it has received 37 views. For similar materials see /class/225780/mktg-409-texas-a-m-university in Marketing at Texas A&M University.
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Date Created: 10/21/15
Ch Marketing 409 Exam 1 a ter 1 Overview 1 Marketin Marketin Mix Marketi Strate definition ucts 1 Prod 2 Distribution 3 Promotion 4 Price ii Marketers have to information about target market BEFORE getting into market in order to strategically develop market mix quot1 ii w pow u a 591391 2 Service7 HJU39L39JMUW 1 J an 139 W l Easier it is for customer to get product the more potential customers c Marketing Strategy 7 i The strategy an organization puts into place by way of their marketing mix ii How the organization becomes unique for better or worse 2 Exchange a Concept of i r Inwxr39il m mi mil V all 392 iiilf exchange is good amp trust builds you can build relationship marketing long term mutually satisfying buyerseller relations 1 Customer will be reliant on company increases confidence Company can benefit from better knowing customers needs ivDissatisfied customer will go elsewhere b Conditions for Exchange Two or more groups Each party must have som ething of value Each part must be Willing to give up Must communicate ii If all 4 are met that doesn t mean exchange Will take place no matter What c Marketing s Dynamic Environment i Market always changing iiCompetition economic conditions political pressre laws technology amp sociological factors marketing environment iiiChae occurs swiftl PM 3 Target Market a A group of customers that an organization focuses its marketing efforts b Varies depending on the product and target market makeup 4 Marketing Concept a de i i ii Must satisfy not only custom er but also organization iiiMust look out for long term society needs as well iv D 5 Evolition of Marketing Concept wwmrmn w ll 11 Jim H3 soared ii mm39r q u m il in 6 Relationship Marketng a See Exchange 7 Custom er Relationship Management a Gaining information of customer by treating them well and in return gaining access to trust and imperative market research and trends 8 Concept of Value a l u Customer sees it as ue ne 1 I b Benefits include anything a buyer receives from exchange c Costs include anything the custom er must give up in exchan d Marketing mix can be used to manipulate buyers perception of value Lower price make better product making more available and promoting image Chapter 3 Environment 1 Environmental scannin and anal sis i Definition 391 quot allv an 1quot was w m ww m 3 39 iiExamining and responding to the environment of a market nvironment is always changin 2 Responding correctly to the changes in market threats opportunities can lead to a successful business i Definition ii Should be able to identify threats and opportunities linked to environmental market change c Responding to Environmental Forces i 2 Available responses Accept forces as uncontrollable 2 Attempt to in uence and shape the environment ii Organization and situation will dictate which decision to take a Definition r 2 ght myth Hum i MW quot 1 c Types if Com e titive Structure wt mm Jr m quotr 3 Economic Forces 21 Economic Conditions 1 Prosperity 7 Unemp low income high buying power high 2 Reccession 7 Unemp rises buying power declines 3 Depression 7 Unemp very high income very low 4 Recovery 7 Moving from resession to prosperity 1 Definition a i i 2 In ationary periods b 3 Z Li u quot mli mil W uflm f39 at w L 4 Disposable income aftertax inxome factors of DI below a Total income b Wage levels c Rate of unemploym ent d Interest rates e f Divident rates iiiComponents of Willingness to Spend 1 Future employment expectations Income levels Price Family size General economic conditions Expectations of rising prices in the future 9959 4 Regulato Agencies and Marketing Activities I pm hi Hull 3m inquot mm L m v uhlmlmfl cmquot 1m quotl39ljuia magiy w mm quotm 39 m I walnuts c State and local agencies i Enforce laws dealing with sale of particular goods and services Utilities 39 Financial and Liquor Industries 5 AntiCompetitive vs Consumer Protective Legislation tiCompetitive i Laws designed to preserve competition ii minimum 1 luw ll Um uuiw nuzlls b Consumer Protection 39 onsum er safety iiProhibits the same of ammable fabrics iiilnformation disclosure Cigs cars furs 6 fie 2 i Advantages over having a government law 1 Less expensive more realistic 2 Means less government good for businesses ii Limitations 1 Companies don t have to follow guidelines 2 Lack of enforcement 3 Less strict to begin with 7 Assessment a Definition Tech pii if m39w b lmpact i Marketers are more productive ii Lower prices iiiImprove ability to deliver c Adoption of use i Tech Assessment Anticipating the effects of new products and processes on a firm s operation other business organizations and society 8 Socioeconomically Changes a em ographic and diversity characteristics like age gender race ethnicity marital status and income i Number of elderly and singles rising ii Multi cultural natue is increasing iiiYoung are having kids b Cultural values changing i alue has become family iiMore casual workplace Concern is health and exercize ivConcerns for nature ii Written letters iiiLobby government agencies ivBoycott irresponsible companies
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