MKT 2210 Study Guide - Summer 2018, Comprehensive Midterm Notes - Input Method, The Core, Infra-Red Search And Track
12 Oct 2018
School
Department
Course
Professor
MKT 2210
MIDTERM EXAM
STUDY GUIDE
Fall 2018
lOMoARcPSD| 987298
The Core – Marketing
← CHAPTER 1 – Markeing Fundamentals
← The Essence of Markeing:
Markeing success is from focusing on customers and providing values
through goods and services designed to meet customer needs
Compeiive market
Marketer objecive is to drive proits for a company, or if working in a non-proit
sector, to generate revenue and support to fund programs and run operaions
← Focusing on Customer Needs:
Essence of markeing is focusing on customer needs
o The digital world:
Adds another level of complexity to market research
Facilitates online gathering of informaion
Introduced new communicaion plaforms that challenge marketers
to understand the biases that may exist in this new environment
Iniial point of contact for consumers with a brand is oten online
on a company website
Must have top quality websites
Consumers must be able to quickly ind a website through
search engines
Websites must therefore load quickly and be designed to
provide content within two or three clicks
Must have posiive presence on social media sites
← Creaing Customer Value:
Added value versus compeiive oferings
o Creaing products with added value is
achieved by: Product design
Pricing strategies
Service elements
Reward customers for their loyalty
Customer value: the unique combinaion of beneits received by targeted
buyers that includes quality, price, convenience, delivery, and both before-
sale and ater-sale service
← Appealing to Target Markets:
Beter to channel resources to consumers who are most interested in
purchasing the product, rather than target everyone who have litle interest
find more resources at oneclass.com
find more resources at oneclass.com
Target market: The speciic group of exising and potenial consumers to
which marketers direct their markeing eforts
o Decision-makers and inluencers
← Coordinaing the Markeing Mix:
Markeing mix: 4 P’s
o Product
o Price
o Place
o Promoion
Need to be carefully managed by marketers to ensure that they are well coordinated
and that each appeals to the disinct characterisics of the target market
Online or oline environment
Product: Atributes that make up a good, a service, or an idea, including
product design, features, colour, packaging, warranty, and service levels
o Based on the wants and needs of diferent consumer
groups Price: Expected regular retail or sale price for a product
o In line with consumer, company and compeiive factors
Place: Distribuion channels, retail formats, and merchandising used to sell a product
o Retail locaions relect premium image and sports category
Promoion: Communicaion tools needs to inform consumers about a
product, including adverising, public relaions, sales promoions, direct
response, event markeing and sponsorship, and personal selling
o Instead of mass media promoions
A product is never geared to appeal to everyone
Marketers deine their target markets using elements such as, likes,
dislikes, moivaions, interests and concerns
← The Markeing Process:
Markeing process: the process of:
o 1. Idenifying consumer needs
o 2. Managing the markeing mix to meet these needs
o 3. Realizing proits
Markeing: the process of planning and managing goods, services, or ideas
to meet consumer needs and organizaional objecives
o Includes the concepion of these products and the pricing, promoion
and distribuion programs designed to make a proit and generate
revenue or support for an organizaion
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Markeing success is from focusing on customers and providing values through goods and services designed to meet customer needs. Marketer objecive is to drive proits for a company, or if working in a non-proit sector, to generate revenue and support to fund programs and run operaions. Essence of markeing is focusing on customer needs: the digital world: Adds another level of complexity to market research. Introduced new communicaion plaforms that challenge marketers to understand the biases that may exist in this new environment. Iniial point of contact for consumers with a brand is oten online on a company website. Consumers must be able to quickly ind a website through search engines. Websites must therefore load quickly and be designed to provide content within two or three clicks. Must have posiive presence on social media sites. Added value versus compeiive oferings: creaing products with added value is achieved by: product design.
