[BUS 448] - Midterm Exam Guide - Comprehensive Notes for the exam (18 pages long!)

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BUS 448
MIDTERM EXAM
STUDY GUIDE
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BUS 448 Marketing Strategy | Class Notes 1
Marketing in Today’s Economy
Challenges and opportunities of mkting in today’s economy
- Pwr shift to customers
- Incr in product selection
- Audience and media fragmentation
- Changing value propositions
- Shifting demand patterns
- Privacy, security, ethical concerns
- Unclear legal jurisdiction
Television is still most used among all ages
Strategic planning back decisions with facts
- Strategy
- Tactical planning specific mkts/segments and mkting programs tht will meet needs/wants
- Marketing plan outline of mkting program
Rsrch & Analysis
- Internal analysis analyze firm’s current strategy & perf
- Competitive intelligence analyze competing bus
- Environmental Scanning analyze external env
- Situation analysis combo of all three
Syndicated data data that is shared and sold
- Collected by third party sources
Developing Competitive advantage
- Competitive advantage = something firm does better than others
- SWOT strengths, weaknesses, opportunities, threats
Mkting Strategy Decisions
- Mkt segmentation and target mkting
- Mktng program decisions
- Branding and positioning
Social Responsibility and Ethics
- Social resp = maximize pos impact on society while minimizing neg impact
- Mkting ethics principles/standards define acceptable conduct in mkting activities
Sustainability
- Programs to protect & preserve natural env
Green Mkting
- Creating customer relationships while enhancing natural env
- Greenwashing = misleading consumers about eco-friendliness of products
Implementation & Ct
- Procces of executing mkting plan
- Mkting activities must be controlled to ensure strategy stays on course
Developing and maintain custerm relationships
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- Transactional mkting
- Relationship mkitng
Challenges of mkting strategy
- Unending change
- Ppl driven nature of mkting
- Lack of rules for choosing mktng activities
- Increasing customer expectations
- Declining customer satisfaction & brand lyalty
- Competing in mature mkts
a. Incr commoditization
b. Little real differentiation among product offerings
- Aggressive cost-cutting measures
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