MKT 300 Study Guide - Comprehensive Final Guide: Consumer Futures, Marketing Ethics, Market Failure
CSU
MKT 300
FINAL EXAM
STUDY GUIDE
Module 1: Introduction to Marketing
Define marketing and the marketing concept
Process of planning and executing that involves the conception, pricing, promotion and
distribution of products to create exchanges.
Purpose is to facilitate exchange to bring buyers and sellers together to make it easier
for the exchange to take place.
Evolution of marketing as a business philosophy
Product Philosophy
oProduction concept
oProduct concept
“If we build it, they will come”
oAmerica wants the best product for its value
Sales Philosophy
oSelling concept
‘Sell what we make..”
Marketing Philosophy
oMarketing concept
“Make what we can sell”
Trying to develop a product that sells itself
Relationship Marketing Philosophy
oRelationship marketing concept
oNetwork marketing
oConsumer relationship marketing
360 degree view of serving customers
oLonger term orientation
Not just one transaction but whats the lifetime value of that constumer
Consumer focus
Coordinated Marketing
Long-term success
Marketing as an exchange process
oBuying: seeking and evaluating alternatives
oSelling: promotion of alternatives to consumers
oTransporting: movement of a good/service
oStoring: holding of a good/service
oFinancing: facilitation exchange
oRisktaking: holding title
Selling for less than you paid for
oStandardizing and grading: sorting by size and quality
oInformation acquisition and provision: understanding markets
Marking facilitates the exchange process by creating four types of utilities (values)
oForm utility: transformation of raw material into a finished good that a consumer
desires
find more resources at oneclass.com
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oPlace utility: Availability of a good/service the consumer wants/needs
oOwnership utility: transferring title of the good/service from a producer to
consumer.
oTime utility: availability of a good/service when consumers want/need it.
Marketing Activities Utility cration Exchanges that satisfy individual organizational
goals
Marketing as a societal process
oSatisfying customers needs and wants in a manner that is in the best interest of
customers and society at large
McDonalds and a healthy menu
oProvides jobs
oProvides customers with alternatives
oHelps makes products affordable
oMust be mindful of limited resources
oMust be mindful of unintended social
Anorexia
oPromotes societal causes
oFuels the global community
Creates trade produced all over the world
Marketing as a organizational process
WAC: Willing, able, capable of purchasing the product
oMust have all three to be called a market
Mass marketing: one product, one world
o“one product for everyone”
Market segmentation
oPeace sign
oOuter ring is mass marketing
oPeach I s marketing segmentation
Targeting marketing: figuring what segment you want to go after
Chapter 1: Customer-Driven Strategic Marketing
Marketing: process of creating, distributing, promoting and pricing goods, services and
ideas to facilitate satisfying exchange relationships with customers and to develop and
maintain favorable relationships with stakeholders in a dynamic environment.
Customers are the focal point
Target Market: A specific group of customers on whom an organization focuses its
marketing efforts.
Developing and managing a product that will satisfy customers needs.
Marketing Mix
oProduct
Good, service or idea
Involves creating or modifying brand names/packaging
oPricing
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Process of planning and executing that involves the conception, pricing, promotion and distribution of products to create exchanges. Purpose is to facilitate exchange to bring buyers and sellers together to make it easier for the exchange to take place. If we build it, they will come : america wants the best product for its value. Trying to develop a product that sells itself. Relationship marketing philosophy: relationship marketing concept, network marketing, consumer relationship marketing. 360 degree view of serving customers: longer term orientation. Not just one transaction but whats the lifetime value of that constumer. Marketing as an exchange process: buying: seeking and evaluating alternatives, selling: promotion of alternatives to consumers, transporting: movement of a good/service, storing: holding of a good/service, financing: facilitation exchange, risktaking: holding title. Selling for less than you paid for: standardizing and grading: sorting by size and quality, information acquisition and provision: understanding markets. Marketing activities utility cration exchanges that satisfy individual organizational.
