Week 8 Assignment Notes for WSJ and book
Week 8 Assignment Notes for WSJ and book BUS 1010
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This 2 page Class Notes was uploaded by Rachel Notetaker on Monday February 22, 2016. The Class Notes belongs to BUS 1010 at Clemson University taught by Bill Tumblin in Summer 2015. Since its upload, it has received 67 views. For similar materials see Intro to Business in Business at Clemson University.
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Date Created: 02/22/16
Week 8 Assignment Notes to Study for Quiz a. What is the key concept from each of the eras of the marketing evolution? The Production Era: “Produce as much as you can because there is a limitless market for it” The Selling Era: production capacity often exceeded the immediate market demand, therefore the business philosophy turned from producing to selling The Marketing Concept Era: Businesses recognized that they needed to be responsive to consumers if they wanted to get and keep their business so marketing concept developed: 1. A Consumer Orientation—find what they want and provide it 2. A service orientation—everyone has same objective—customer satisfaction 3. A profit orientation—goods and services that will generate the most profit The Consumer Relationship Era: process of learning as much as possible about current customers and doing everything you can to satisfy them and meet or even exceed their expectations b. What are the key activities for each part of the marketing mix Product, Price, Place and Promotion? Product any physical good, service, or idea that satisfies a want or need, plus anything that would enhance the product in the eyes of the consumer, such as a brand name. Price vary and depend on a variety of factors—lower than competition, same as, or higher due to higher quality (Ex: Starbucks) Place getting the product to consumers when and where they want it is critical to market success Promotion all the techniques sellers use to inform people about and motivate them to buy their products or services and often include relationship building with customers (ex: Advertising) c. What is marketing research? Marketers analyze markets to determine opportunities and challenges, and to find the information they need to make good decisions Helps identify what products consumers have purchased in the past, and what changes have occurred to alter what they want now and what they are likely to want in the future. Businesses need information to compete effectively, and marketing research is the activity that gathers it d. What determines whether a product or service is part of the consumer market of the industrial market? The buyer’s reason for buying—that is, the end use of the product—determines whether a product is a consumer product or a B2B (Business to Business or industrial) product. Consumer wants good or service for personal consumption BusinesstoBusiness (B2B)/Industrial want goods or service to use in producing other goods and services to sell, rent, or supply goods to others. e. What is market segmentation? What is target marketing? The process of dividing the total market into groups with similar characteristics is called Market Segmentation Selecting which groups or segments an organization can serve profitably is target marketing. Wall Street Journal Article Notes a. What type of business is driving food trends in the U. S.? Small, entrepreneurial companies b. How are larger, established companies reacting to small and venture capitalbacked companies disrupting the food industry? Campbell is joining a small number of big foodandbeverage companies that are trying to jump into the startup world. CocaCola Co. and General Mills Inc., for example, fund their own venturecapital programs internally. c. What two factors have lowered the barrier to entry into the food industry? ecommerce and the increased availability of food manufacturing lines have lowered the barrier of entry for startups d. What trends and consumer demands have small companies taken advantage of? These smaller companies have largely responded faster to consumers’ demand for transparency as to what is in the food, and other trends like simpler and fresher ingredients.
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