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MKTG 3832 Midterm: Test 1 Study Guide Part 2

2 Pages

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MKTG 3832

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What is a marketing plan? A written document that acts as a guidebook of marketing activities for the marketing manager. What is a SWOT analysis? Know what makes up each component. STRENGTHS: Things the company does well. WEAKNESSES: Things the company does not do well. OPPORTUNITIES: Conditions in the external environment that favor strengths. THREATS: Conditions in the external environment that do not relate to existing strengths or favor areas of current weakness. What are the different types of competitive advantages? Know characteristics of each. Cost -Low-cost competitor in an industry while maintaining satisfactory profit margins. -Utilizes its skilled workforce, inexpensive raw materials, controlled costs, and efficient operations to create maximum value to consumers. Product/Service Differentiation -Exists when a firm provides something unique and Examples: Brand names, strong valuable to buyers beyond simply offering a lower dealer network, product reliability, price than that of the competition. image, service. Niche -Seeks to target and effectively serve a single segment of the market. -Used by small companies with limited resources. -May be used in a limited geographic market. What is a target market? A particular group of consumers at which a product or service is aimed. What is the marketing mix? Know the components of each. PRODUCT: Physical unit, package, warranty, service, brand, image, value. PLACE: Product availability when and where the customers want them. All activities from raw materials to finished products. Ensure products arrive in usable condition at designated places when needed. PROMOTION: Bring about exchanges by informing, educating, persuading, and reminding. Includes integration of advertising, public relations, sales promotion, and personal selling. PRICE: What a buyer must give up to obtain a product. The most flexible of the four P’s and the quickest to change. Competitive weapon. Price x Units sold = Total Revenue. What is a mission statement? A formal summary of the aims and values of a company, organization, or individual. Chapter 3 What are ethics? -the moral principles or values that generally govern the conduct of an individ
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