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Midterm

MKT 100 Study Guide - Midterm Guide: Greenwashing, Personal Knowledge Base, General Electric Genx


Department
Marketing
Course Code
MKT 100
Professor
Fathima Saleem
Study Guide
Midterm

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MARKETING 100 MIDTERM NOTES
Chapter 1: Overview of Marketing
!Marketing is a set of business practices designed to plan for and present an
organizations product / services in a way to build effective customer
relationships
o!Requires thoughtful planning
o!Emphasis on ethical implications of any decision on customers and
society in general
!Firms develop a Marketing Plan which specifies marketing activities over a
period of time
o!How product/ service will be designed
o!Cost
o!Where and how it will be promoted
o!How it will get to the consumer
!6 Core Aspects of Marketing
o!helps create value
o!about satisfying needs/ wants of customer
o!entails an exchange
o!require product, place, price, promotion
o!can be performed by both individuals and organizations
o!occurs in many settings
!Need refers to basic necessities (i.e. food, water, clothing, shelter, safety…)
!Want refers to the particular way the consumer choses to satisfy the need
o!Shaped by knowledge, culture and personality
!Market refers to the group of people who need/ wants company’s products/
services and have ability/ willingness to buy them
o!Not practical to sell to just everyone
o!Costs money to market
!Target Market refers to the customer segment that the firm is interested in
selling its products/ services
!Product (creating value), Price (Transacting value), Promotion (Communicating
Value) and Place (Delivering Value)
!Many offerings are often a combination of goods and services
!Ideas can also be marketed

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!Price includes money, time and energy
!B2C Marketing is when businesses market to consumers
o!I.e. Retailer ! Consumer
!B2B Marketing is when a business markets to another business
o!I.e. manufacturing company ! Retailer
!C2C Marketing is when consumers market to consumers
o!I.e. On Kijiji, consumers sell and buy from other consumers
!Marketing is also used for non- profit organizations
o!I.e. “Got Milk?” Campaign has helped raise awareness and increase sales
for general milk market
!There are Four Orientations of Marketing;
o!Product Orientation
"!Focus on developing and distributing innovative products
"!Little concern to whether or not p/s satisfies customer
"!Generally, start out by thinking of what product to make rather
than what the customers want/ need
"!Believe that a good product will sell itself
o!Sales Orientation
"!Try to sell as much as possible instead of focusing on what
consumer’s want
"!Depend on personal selling and advertising
"!Believe that if consumers try their product, they will like item
o!Market Orientation
"!Focus on what consumer’s want/ need before designing/ selling
"!Customer is king motto
"!Produce more long-term consumer relationships ! bottom line
profitability
o!Value-based Orientation
"!Most current method of marketing
"!Triple bottom- line ! people + profits (LT with consumer and
suppliers) + planet
"!You get what you give motto
"!Value Cocreation (i.e. Nike allowing consumers to custom design)

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!How firms become more Value Driven
o!Sharing information
"!Collect info about customer and competitors and integrating it
across various departments
"!Used to forecast sales
"!Also to bridge gap between sales promoters and manufactures
o!Balancing Benefit with Costs
"!Measure benefits that customers perceive against the cost of their
offering
"!Use available customer data to find opportunities where they can
satisfy needs/ wants and develop loyalties
o!Building Relationships with Customers
"! Two different types of orientations
!Relational Orientation
o!A method of building a relationship with customers
based on the philosophy that buyers and sellers
should develop a long-term relationship
!Customer Relations Management (CRM)
o!A business philosophy and set of strategies,
programs and systems that focus on identifying and
building loyalty among firms most valued customers
o!Connecting with Customers using Social and Mobile Media
"!Location-based apps can get company info quickly
"!Users are driving how brands and stores are interacting with social
media
!Importance of Marketing
o!Expands Global Presence
o!Pervasive across Organization and Supply Chain
o! Makes Life Easier
o!Enriches Society
o!Can be Entrepreneurial
!Supply Chain is a group of firms and set of techniques and approaches firms
use to make and deliver a given set of g/s
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