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[33:382:202] - Final Exam Guide - Everything you need to know! (69 pages long)


Department
Entrepreneurship
Course Code
33:382:202
Professor
Ruffin
Study Guide
Final

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Rutgers
33:382:202
FINAL EXAM
STUDY GUIDE

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Wednesday, September 21, 2016
Marketing for Entre & Sb - Exam #1 Study Guide
Marketing: The Core 5/e (Chapters 1-3)
Chapter One: Creating Customer Relationships and Value Through Marketing
-3M launched their new product, Post-It Highlighters, by researching how students
study for exams. Once they discovered student study needs, they were able to satisfy
student study needs with the product.
-We are all marketing experts already. Each of us in involved in many buying
decisions every day, and we might also be involved in selling decisions.
-The goals of marketing:
-Discovers needs and wants of customers
-Satisfy those needs and wants
-Exchange
-Various factors influence marketing influences, such as the organization and
departments that are doing the marketing, society, and outside environmental forces.
-For marketing to occur, one needs:
-Two or more parties with that want or need their desires to be satisfied
-A way for these parties to communicate with each other
-Something to exchange between them
-Example: Celebrities and trends are marketing tools used to promote products to
the public. If a famous celebrity does it, their fans will have a desire to be like
them and buy the same products, do the same things, etc.
-The challenge is in developing a new product. Most consumers may not know or can’t
describe what they need or want, so it’s not going to be easy. Most new products fail,
but what you have to do is focus on the consumer benefits and learn from the past
(whether it be your fails and successes or someone else’s)
-The goal of marketing is to discover consumer needs through research and then
satisfy them. This is done using a marketing program.
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Wednesday, September 21, 2016
-Potential consumers (market) fuel the department with information about what they
need or want. Once these needs or wants are discovered, concepts for the
products are made. The marketing program to sell the product must have the right
combination of the four P’s: product, promotion, price, and place.
-Customer Value Proposition
-There are uncontrollable environmental forces that influence marketing. These
include social, economic, technological, competitive, and regulatory forces.
-Customer Value
-Targeted buyers will receive benefits when buying. Companies use these value
strategies to build relationships with their customers, such as best prices, best
products, and best service.
-Relationship Marketing sounds simple, but it takes work.
-Marketing Program
-3M developed a marketing program for their Post-It flag pen, taking note of
product, price, promotion, and place strategies. Their activity reached the college
student segment and the office worker segment.
-They soon developed more versions of these pens, and were featured on the
Oprah Winfrey Show, where they reached a much larger audience.
-This day and age is known as the Customer Relationship Era, because more
organizations take value in developing lasting relationships with their customers.
-Marketing Concept
-Market Orientation
-Customers used to find out about products by seeing them themselves or by word of
mouth. Organizations realized that getting people to talk was a great way to market
their products, among other strategies.
-Marketing also involves ethics and social responsibility. Marketing is not meant to do
harm to audiences or customers.
-Societal Marketing Concept
-Big organizations market products, services, and ideas.
-Ultimate Consumers and Organizational Buyers buy and use what is marketed.
!2
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