MKT 250 Midterm: marketing exam 1 study guide
Document Summary
Marketing: marketing: the activity, set of institutions and processes for creating capturing communicating delivering and exchanging offerings that have value for customers clients partners and society at large. Communicating value= promotion labor day sales, black friday, christmas. Customer excellence (loyal customer service)= feel good being their customer and getting your needs satisfied. Operational excellence (operation and supply chain)= smooth process, always able to get it. Product excellence (perceived value, effective branding)= even if it is expensive the product is worth it example: good quality. Locational excellence (presence) =doing well in having a good presence or their location is good. Credit card programs (get percentage off), membership card program. Steps of marketing plan: business mission & objectives, situation analysis (swot, identify opportunities, implement a marketing mix, evaluate performance using marketing metrics. Marketing plan broken down (step 1) mission statement. An organizations mission statement really determines its direction and destiny (step 2) swot analysis (situation analysis)
