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MKT 3401
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Marketing study guideEXAM 1Chapter 1What is marketingoTo create communicate deliver and exchange offerings that have value to the customer client partner and society oFocus is on creating and delivering value to customers and not just selling goodsWhat are the four marketing management philosophiesoProductionfocuses on the internal capabilities of the firm focus on themselves not what the customer wants or needsHow do we be the bestoSalesfocuses on the aggressive sales techniques and belief that high saleshigh profitHow can we sell more aggressivelyoMarketfocuses on satisfying the customer needs and wants while meeting the objectivesWho do customers want and needoSocietalfocuses on satisfying customer needs and wants while enhancing individual and societal wellbeingWhat do customers want and need and how can we benefit society with our productsWhat are the differences between sales and market orientationsSales orientationMarket orientationOrganization focusInward lookingOutward lookingWhat the firm makesWhat the market wantsDefining a firms Goods and servicesBenefits that businesscustomers seekFor whomEverybodySpecific groups of peoplePrimary profit goalMaximum sales Customer volumesatisfactionTools to achieve Primarily promotionCoordinated use of goalsall marketing activitiesWhat are the reasons for studying marketingoIt is important to societyoImportant to businessoGood career opportunitiesoRole in everyday lifeChapter 2What is the importance of strategic planningoStrategic planning is the managerial process of creating and maintaining a fit between the organizations objectives and resources and the evolving market opportunities oThe goal is longterm profitability and growthRequires longterm commitments of resourcesoA strategic error can threaten a firms survival and a good strategic plan can help protect and grow the firms resourcesWhat are strategic business unitsoSBUs are subgroups of a single business or collection of related businesses within the larger organizationoEach SBU has its own rate of return on investment growth potential and associated risks and requires its own strategies and fundingoSBUs haveA distinct mission and a specific target marketControl over its resourcesIts own competitorsA single business or a collection of related businessesPlans independent of the other SBUs in the total organizationWhat are strategic alternativesoAnsoffs strategic opportunity matrixMarket penetrationincrease market share among existing customersMarket developmentattract new customers to existing productsProduct developmentcreate new products for present marketsDiversificationintroduce new products into new marketsRisky when a firm is entering unfamiliar marketsIt can be very profitable when a firm is entering markets with little or no competition oInnovation matrixCore innovationRepresented by the yellow circle these decisions implement changes that use existing assets to provide added convenience to existing customers and potentially entice customers from other brands Packaging changesAdjacent innovationdecisions designed to take company strengths into new markets uses existing abilities in new waysTransformational innovationdecisions result in brand new products markets and businesses Company must rely on unfamiliar assets to develop breakthroughoBoston consulting group modelPortfolio matrix classifies each SBU by its present or forecast growth and market share Underlying assumption is that market share and profitability are linkedSBUs can be broken into four categoriesStarsfastgrowing market leader large profits and large expensesCash cowsgenerates more cash than is needed to maintain lowgrowth market but dominant shareProblem children question markrapid growth but poor profit margins low market share need lots of cashDogslow growth potential and small market share eventually leave the marketplaceFour basic strategiesBuildoProblem children HoldoCash cow Harvestincrease shortterm cash returnoAll SBUs except starsDivestoProblem children and dogsoGeneral electric model
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