MKTG 3101 Midterm: Marketing Study Guide
Document Summary
Marketing: a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Marketing mix 4 p"s: product: variety, quality, design, features, brand name, packaging, services, price: list price, discounts, allowances, payment period, credit terms, place: channels, coverage, locations, inventory, transportation, logistics, Assortments: promotion: advertising, personal selling, sales promotion, public relations, Marketing myopia: an inward looking approach of marketing that focuses on the needs of the company/product instead of defining the company and its products in terms of the customers" needs and wants. It results in the failure to see and adjust. Competitor myopia: a focus on a competitor or rival that is so intense that it causes to the rapid changes in their markets. distraction from a larger strategic opportunity or threat. Market share: the sales of a brand (product)/firm relative to the overall size of a: unit market share , revenue market share = market.
