MKT 201 Study Guide - Quiz Guide: Satisficing, Internal Communications, Mass Marketing

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30 Sep 2016
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Marketing Quiz
Chapter 1
Marketing- the activity, the set of institutions, and processes for creating,
communication, delivering and exchanging offerings that have values for customers,
partners, society at large
-Wants to provide value
-Value equation (perceived benefit cost)/(cost)
- Is both a function and a process
Stakeholders- investors, employers, employees, suppliers, community
Strategic Plan  Business Plan  Marketing Plan (has to adhere to upper 2 plans)
-research and analyze current situation (external and internal)
-External
-Economic
- Social and Cultural
-Technology
-Ecology
-Competitor Strategy
-Internal
-Company’s strengths
-Market and Customers
-B2C
-B2B- larger market
-C2C- ebay/etsy
Segmentation- group customers that have similar behaviors/wants
Positioning- how people view the company
Targeting- selection of specific segment
Tactics (strategy to achieve objectives) Objectives (short term targets to achieve
long term)Goals
6 Brand Steps in Marketing Planning
1. research and analyze current situation
2. understand markets and customers
3. plan segmentation, targeting and positioning
4. plan direction, objectives and marketing support
5. develop marketing strategies and programs
6. plan metric and implementation control
4 Marketing Mix Tools (4 P’s)
1. Pricing
2. Place (channel)- where/how it is sold
3. Promotion- advertising, PR
4. Product- service, idea, person
4 Guiding Principles
1. anticipate change
2. engage everyone
3. seek alliances
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Document Summary

Marketing- the activity, the set of institutions, and processes for creating, communication, delivering and exchanging offerings that have values for customers, partners, society at large. Is both a function and a process. Strategic plan business plan marketing plan (has to adhere to upper 2 plans) Research and analyze current situation (external and internal) Tactics (strategy to achieve objectives) objectives (short term targets to achieve long term) goals. 6 brand steps in marketing planning: research and analyze current situation, understand markets and customers, plan segmentation, targeting and positioning, plan direction, objectives and marketing support, develop marketing strategies and programs, plan metric and implementation control. Place (channel)- where/how it is sold: pricing. 2: promotion- advertising, pr, product- service, idea, person. 4 guiding principles: anticipate change, engage everyone, seek alliances, make marketing meaningful. Internal marketing- marketing to your own employees/ internal stakeholders. Macro- economic, political, legal, technological, environment- broad forces. Micro-specific forces that affect your company (customers, competitors, channel members)

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