MKG 300 Study Guide - Midterm Guide: Financial Risk, Big Data, Dry Cleaning
Document Summary
Marketing defined; identifying marketing-related preparation/functions/outcome (e. g. , analyze needs, wants, decide promotion, etc. ) Costs, (cid:271)e(cid:374)efits, a(cid:374)d (cid:272)usto(cid:373)er value (cid:894)i. e. , (cid:272)usto(cid:373)er"s per(cid:272)eived fair value li(cid:374)e(cid:895) Marketing management process planning, implementation, control. Market penetration: doing promotions that target current customers, not new ones. Narrowing-down process: the process starts with a broad look at market-- paying special attention to customer needs, the firm"s objectives and resources, and competitors. Company objectives and mission statement purpose, importance, utility. Impact of company resources on searching for marketing opportunities. Impact of economic, technology, political/legal, and cultural/social environment on marketing efforts. It is often referred to as perfect competition. Buyer personas is a semi-fictional representation of your ideal customer based on market research and real data about your existing customers. When creating your buyer persona(s), consider including customer demographics, behavior patterns, motivations, and goals. Differentiation: new product- product is different than anyone else"s product on the market, service- serve people differently than other competitors and businesses, channels- ex.
