MKT 100 Final: MKT100 FINAL EXAM NOTES

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MKT100 FINAL EXAM NOTES
Marketig: A set of usiess praties desiged to pla for ad preset a orgaizatio’s
products or services in ways that build effective customer relationships. It is about satisfying
the arket’s needs and wants.
Needs: Basic necessities (clothing, food, shelter, safety)
Wats: hose to satisf a eed shaped  perso’s ulture, koledge ad persoalit.
Market Target arket: Targeted group of people ho eed/at a opa’s
product/service.
Exchange trade (money for product)
Marketing mix: interrelated controllable set of activities to help confine a decision used by the
firm to respond to the wants of its target market.
- Product: Creating value by developing offerings such as goods (can be touched
physically), services (benefits produced by people/machines), and ideas (opinions,
adie to satisf the ustoer’s eeds.
- Price: Transacting value in exchange to acquire the product.
- Place: Delivering value in order to get the product from the manufacturer or
producer to the right customer when the customer wants it.
o Retail and marketing management supply chain management
- Promotion: Communicating value towards the customer in order to inform,
persuade and remind potential buyers about a product or service to influence their
opiios ad ehae the serie’s alue.
B2C: Business to consumer selling process
B2B: Business to business selling process
C2C: consumer to consumer selling process
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Social media: The use of digital tools to easily and quickly create and share content to foster
dialogue, social relationships and personal identities
Orientations of Marketing: activity designed simply to produce and sell products
- Product orientation: focus more on developing and distributing product rather than
oerig aout hether the produt est satisfies the ustoer’s eeds.
o produt ill sell itself
- Sales orientation: companies trying to sell as much product as possible rather than
focus on making products consumers really want.
o Attract new customers over and over again
- Market orientation: fous o ustoers’ ats efore desigig their produt or
service.
o Long-term loyal customers
- Value based orientation: research based on what customers need before designing
their product or service.
o most successful today.
Rational orientation: method of building a relationship with customers based on philosophy
causing buyers and sellers to develop a long-term relationship Apple.
Customer Relationship Management (CRM): Business philosophy and set of strategies,
progras ad sstes that ollet iforatio aout their ustoers’ eeds the use it to
target their best products.
Marketing strategy:
- Idetifies a fir’s target arket
- Related to marketing mix the four Ps
- Bases upon which the firm plans to build a sustainable competitive advantage
o Sustainable competitive advantage: Something the firm can persistently do
better than its competitors that is not easily copied and thus can be
maintained over a long time Nike.
- Customer excellence: retaining loyal customers with customer service
- Operational excellence: supply chain and human resource management
- Product excellence: high perceived quality and effective branding/positioning
- Locational excellence: psychical location and internet presence.
Marketing plan: A written document composed of an analysis of the current marketing
situation
- Planning phase: defining mission and objective and evaluating the situation.
- Implementation phase: identify and evaluate different opportunities
o Segmentation
o Targeting
o Positioning
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o 4 Ps
- Control phase: managers evaluate the performance of the marketing strategy.
Marketing plan steps:
1. Define Business mission and objectives
- Mission statement: What type of business is it? What does it need to do to
accomplish its goals and objectives?
2. Conduct situational analysis (SWOT)
- Assesses both the internal environment with regard to its strength and weaknesses
and external environment in terms of its opportunities and threats.
- Can occur due to changes in (PESTCD)
o Political forces
o Economic
o Social
o Technological
o Cultural
o Demographic
3. Identify and evaluate opportunities by using STP
- Process used by firms to identify and evaluate opportunities for increasing sales and
profits
o Segmentation: process of dividing the market into groups where each group
has similar needs and wants. car offers for single people vs married
o Targeting: process of attracting various segments and then deciding which to
pursue as a market. unhealthy or healthy food to attract teens.
o Positioning: process of defining the marketing mix (4 Ps) in order to show
customers a clear understanding of what the product represents.
4. Implementing Marketing mix and allocate resources
- Product
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Document Summary

Marketi(cid:374)g: a set of (cid:271)usi(cid:374)ess pra(cid:272)ti(cid:272)es desig(cid:374)ed to pla(cid:374) for a(cid:374)d prese(cid:374)t a(cid:374) orga(cid:374)izatio(cid:374)"s products or services in ways that build effective customer relationships. It is about satisfying the (cid:373)arket"s needs and wants. Wa(cid:374)ts: (cid:272)hose(cid:374) to satisf(cid:455) a (cid:374)eed shaped (cid:271)(cid:455) perso(cid:374)"s (cid:272)ulture, k(cid:374)o(cid:449)ledge a(cid:374)d perso(cid:374)alit(cid:455). Market target (cid:373)arket: targeted group of people (cid:449)ho (cid:374)eed/(cid:449)a(cid:374)t a (cid:272)o(cid:373)pa(cid:374)(cid:455)"s product/service. Marketing mix: interrelated controllable set of activities to help confine a decision used by the firm to respond to the wants of its target market. Product: creating value by developing offerings such as goods (can be touched physically), services (benefits produced by people/machines), and ideas (opinions, ad(cid:448)i(cid:272)e(cid:895) to satisf(cid:455) the (cid:272)usto(cid:373)er"s (cid:374)eeds. Price: transacting value in exchange to acquire the product. Place: delivering value in order to get the product from the manufacturer or producer to the right customer when the customer wants it: retail and marketing management supply chain management.

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