Marketing Exam 1 Review

13 Pages
Unlock Document

Western University
Management and Organizational Studies
Management and Organizational Studies 2320A/B

Marketing Exam ReviewChapter 1Marketingis manipulationwhich is the process by which companies create value for customers and builds strong relationships with them in return At the end of the day it is supposed to satisfy individual and organizational objectives Valueis something that will satisfy the needs of a consumerMarketing managementis decision making Its about choosing target markers and building profitable relationships with them What customers will we cater to How can we best go about serving these customersExam Q0Marketing mixset of controllable tools the firm blends to produce the response it wants in the target market It implements the 4 PsProductfirm must create a need Which is called satisfying marketing offeringPricedecide how much to charge for the offeringPlacementhow will we make the offering available to customers how are they going to get itPromotionhow are we going to communicate with the customers and persuade themEXAM Q1What are the 4 things required for marketing to occur1Two or more parties with unsatisfied needs2Desire and Ability to satisfy those needs3A war for the parties to communicate to their customers4Something to exchange5 core marketplace conceptsNeedsstate of felt deprivationWantsthe form human needs take which are shaped by culture and individual personalityDemandsare wants backed by buying powerMarket Offerings Value and Satisfaction The key elements of customer driven marketing strategy areMarketing segmentationtarget marketinghow it will differentiate and position itself among others already targeting this group of potential customersWhat do companies actually sellThey sell an emotional experienceEXAM Q2Marketing Myopia is the mistake a company makes when it focuses all of its attention on the products it makes and offers rather than the benefits and experiences produced these productsExamples include Volvo where safety comes first They focus too much on the safety aspect of the product that when consumers buy the product they are disappointed and frustrated because they dont like how the car automatically stops and they think things are becoming a little too complicated with all of the flashing lights in the car going offMarketers are now using selecting relationship management Which is targeting the fewer more profitable customers rather than everyone Best customers are called Angels worst customers are called demonsConsumer Generated Marketingconsumers branding products themselves such as what we see on Youtube and then Ipod being smashed for an audience Consumer Lifetime Valueis when a company believes if they cant hook their potential customers the first time around they will never be back This is estimated for example at a grocery store where people buy their groceries If the specific retailer captures the consumer essentially they are making their life time spending which could be 500000 a year on groceries Creating a liable bond between the seller and the buyerP Profitability LLoyaltyStrangersLP LLButterfliesHP LLTrue FriendsHP HLBarnaclesLP HLMarketing is driven by emotions people have towards specific productsChapter 24Strategic planningfoundation in which our decisions are based on planningTactical planningactual steps that a company takes actionsMission statementis the organizations purpose what it wants to accomplish in the larger environment It helps the day to day managers make decisions John Jantschsaid that the most important thing in marketing is to discover you ideal clientPortersaid the Internet is an enablerSWOT analysisStrengths Weaknesses Opportunities ThreatsStrengthsInternal PositiveWeaknessesInternal NegativeOpportunitiesExternal PositiveThreatsExternal NegativeCompanywide Strategic PlanningStarsHigh growth High ShareCash CowsLow growth High Shareexample is IpodQuestion MarksLow share High Growth
More Less

Related notes for Management and Organizational Studies 2320A/B

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.