MKTG 380 Study Guide - Fall 2018, Comprehensive Midterm Notes - Internet, Interaction, Customer Relationship Management
MKTG 380
MIDTERM EXAM
STUDY GUIDE
Fall 2018
Marketing
Class 1 – 8/29
Ch. 1: Welcome to the World of Marketing
Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, and society at large
Simply means marketing seeks to deliver value to everyone who is affected by a
transaction
Marketing includes many different activities:
More than just sales and advertising:
• Getting product to the consumer
• Branding
• New product research
• Segmentation/ targeting/ positioning
• Other promotional mix elements
Variety of institutions that help firms create a better marketing program:
• Advertising agencies
• Marketing research firms (Neilson)
• Traditional media
• Internet and social media
• Government (makes sure fair & ethical)
• Logistics firms
• Retailers
Marketing is a decision process that involves interactions with non-marketers:
• Finance & accounting
o Profitable prices & budgets
• Operations
o Products produced in right quantities & on time
• Research & development specialists and engineers
o Create & commercialize new products
4 P’s of Marketing:
Change one, it effects all
1. Product
a. A good, service, idea, place, or person
find more resources at oneclass.com
find more resources at oneclass.com
b. Includes: design, packaging, any associated aspect
c. Determine specific combination of benefit
2. Price
a. Amount the consumer must exchange in order to receive the product/ service
offer
i. High price → higher quality
ii. Lower by promotion to increase demand
3. Promotion
a. Includes all activities marketers undertake to inform consumers about their
product
b. Aka marketing communications
i. Includes: advertising, personal selling, publicity, & promos directed at
buyer & traders who aid in distribution
4. Place
a. Key to making the product available to consumers at the desired time & location
i. Decision closely tied to supply chain – set of firms that work to get
product to consumer
Conditions for an Exchange (ALL must be met):
• At least 2 people/ organizations willing to trade
• Have something the other party wants
• Agree on value of exchange and terms
• Each party free to accept/ reject exchange
Consumer Goods: tangible products – can purchase for personal use
Services: itagile produt e pay for & use ut do’t o
Same ideas that apply to marketing concepts for celebrities apply to how you market yourself
(ex. for a future employer); be careful with information on social media because potential
employers do look to learn more about their candidates
Micro-celebrity: oasioally, soeoe posts soethig that goes iral ad the etire orld
witnesses it for a short period of time – your 15 minutes of fame
Marketing concept: modern marketers practice the marketing concept by identifying consumer
needs & then providing products that satisfy those needs to ensure the firms long term
profitability
find more resources at oneclass.com
find more resources at oneclass.com
