[MKT 100] - Final Exam Guide - Ultimate 77 pages long Study Guide!

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Published on 30 Mar 2017
School
Ryerson University
Department
Marketing
Course
MKT 100
Professor
Ryerson
MKT 100
FINAL EXAM
STUDY GUIDE
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Chapter 1 Overview of Marketing
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
Marketing Plan: a written document composed of an analysis of the current marketing
situation, opportunities and threats for the firm, marketing objects and strategy specified in
terms of the four Ps, action programs, and projected or pro forma income (and other financial)
statements
specifies marketing activities for a specific amount of time
how the product or service will be conceived or designed
how much it should cost
where and how it will be promoted
how it will get to the customer
Need: when a person feels deprived of the basic necessities of life, such as food, clothing,
shelter and safety
Want: The particular way in which a person chooses to fulfill his/her need, which is shaped by a
perso’s koledge, ulture ad persoality
Market: refers to the group of people ho eed or at a opay’s products or services and
have the ability and willingness to buy them
refers to the world of trade
not practical to send to everyone
Target Market: The customer segment or group to whom the firm is interested in selling its
products and services to
the process of identifying the target market requires market research
the customers who want and can afford the product
Exchange: the trade of things of value between the buyer and the seller so that each is better of
as a result
Marketing Mix (the four Ps): Product, price, place, and promotion the controllable set of
activities that a firm uses to respond to the wants of its target markets
Product: Creating Value
fundamental purpose of marketing is to create value by developing a variety of
offerings, including goods, services, and ideas to satisfy consumer needs
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Product
Product/Service, Brand, Size, Quality, Features, Packaging, Warranty
Goods: items that you can physically touch
Services: intangible customer benefits that are produced by people or machines and cannot be
separated from the producer
Air travel, insurance, entertainment
Ideas: include thoughts, opinions, philosophes, and intellectual concepts that also can be
marketed
Price: Transacting Value
List prices, Discounts, Allowances, Costs, Payment Period, Credit Terms
Price: the overall sacrifice a consumer is willing to make money, time, energy to acquire a
specific product or service
Deterie prie o the asis of the potetial uyer’s elief aout its alue
Getting charged if you have more than one carry on
The key to determining price is figuring out how much customers are willing to pay so
that they are satisfied with their purchase and the seller achieves a reasonable profit
Places: Delivering Value
Describes all the activities necessary to get the product from the manufacturer or prices
to the right customer when that customer wants it
Retailing and marketing channel management
o Marketing Channel Management/Supply Chain Management: set of approaches
and techniques firms employ to efficiently and effectively integrate their
suppliers, manufacturers, warehouses, stores, and other firms involved in the
transaction into a seamless value chain in which merchandise is produced and
distributed in the right quantities, to the right locations and at the right time,
while minimizing system wide costs and satisfying the service levels required by
customers
Marketing channels, distribution intensity, locations: retailers, online, supply chain
logistics
Promotion: Communicating Value
Promotion: communication by a marketer that informs, persuades, and reminds potential
buyers about a product or service to influence their opinions or elicit a response
Tying it all together: product/service offered must satisfy the target ustoers’ speifi eeds
and wants, be priced appropriately, be available at locations where customers want it, and be
promoted, in a manner and through media that are consistent with the target consumers
B2C(business-to-consumer): process in which business sells to consumer
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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. Need: when a person feels deprived of the basic necessities of life, such as food, clothing, shelter and safety. Want: the particular way in which a person chooses to fulfill his/her need, which is shaped by a perso(cid:374)"s k(cid:374)o(cid:449)ledge, (cid:272)ulture a(cid:374)d perso(cid:374)ality. Market: refers to the group of people (cid:449)ho (cid:374)eed or (cid:449)a(cid:374)t a (cid:272)o(cid:373)pa(cid:374)y"s products or services and have the ability and willingness to buy them refers to the world of trade: not practical to send to everyone. Exchange: the trade of things of value between the buyer and the seller so that each is better of as a result. Marketing mix (the four ps): product, price, place, and promotion the controllable set of activities that a firm uses to respond to the wants of its target markets.

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