MKT 100 Study Guide - Midterm Guide: Retail, Ethnography, Kijiji
9 May 2018
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Marketing Midterm Notes Ch 1-6, 17
CHAPTER 1
Marketing- a set of business practices designed to plan for and present a organizations products or services in ways
that build effective customer relationships
Need- when a person feels deprived of the basic necessities of life (food, clothing, shelter, safety)
Want- way in which the person chooses to fulfill his/her need, shaped by knowledge, culture, and personality
• Company must first identify customers or market for is product/service
• Marketers divide the market into subgroups or segments
Marketing mix (Four P’s)- product, price, promotion, place
Marketing Environment- socio-cultural, political-legal, economic, natural environment, technological, demographic
B2B (business to business- wholesale (Costco)
B2C (business to consumer)-
C2C (consumer to consumer)- kijiji, ebay
Value-based marketing- focuses on providing customers with benefits that exceed the cost, about creating strong
products and services
Customer Relationship Management (CRM)- philosophy, set of strategies, programs, and systems that focus on
building and identity loyalty among the firms most loyal customers
CHAPTER 2
Strategic Marketing Planning Process
Step1- mission statement and objectives
Step 2- situation analysis SWOT
Step 3- STP
Step 4- Marketing mix & allocate resources
Step 5-evalute performance using metrics
Metric- measuring system that quantifies a trend, dynamic, or characteristic
CHAPTER 3
Competitive Intelligence (CI)- used to collect and synthesize information about their position with respect to rivals
Country culture- entails easy-to-spot visible nuances that are particular to a country (symbols, dress, language)
Social Trends- green consumers, privacy concerns, time-poor society
CHAPTER 4
Marketing Research Process
Step1- define research problem and objectives
Step 2- design the research project
Step 3- collect data
Step 4- analyze data
Step 5- present action plan
Exploratory (Qualitative) Methods- observation: ethnography, focus group, social media: netnography
Conclusive (Quantitate) Research Method- descriptive or experimental
CHAPTER 17
Framework for Ethical Decision Making
Step 1- identify issues
Step 2-gather info and identify stakeholders
Step 3- brainstorm and evaluate alternatives
Step 4- choose a course of action
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Document Summary
Marketing- a set of business practices designed to plan for and present a organizations products or services in ways that build effective customer relationships. Need- when a person feels deprived of the basic necessities of life (food, clothing, shelter, safety) Want- way in which the person chooses to fulfill his/her need, shaped by knowledge, culture, and personality: company must first identify customers or market for is product/service, marketers divide the market into subgroups or segments. Marketing mix (four p"s)- product, price, promotion, place. Marketing environment- socio-cultural, political-legal, economic, natural environment, technological, demographic. Value-based marketing- focuses on providing customers with benefits that exceed the cost, about creating strong products and services. Customer relationship management (crm)- philosophy, set of strategies, programs, and systems that focus on building and identity loyalty among the firms most loyal customers. Metric- measuring system that quantifies a trend, dynamic, or characteristic. Competitive intelligence (ci)- used to collect and synthesize information about their position with respect to rivals.
