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MKTG 2800 Midterm: Marketing 2800 Exam 1

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MKTG 2800
Steven Hartley

Marketing 2800: Exam 1 Study Guide Chapter 1 Marketing Research: • The function that links the consumer, customer, and public to the marketer through information used to: o Identify and define marketing opportunities and problems o Generate, refine, and evaluate marketing actions o Monitor marketing performance o Improve understanding of marketing as a process • Specifies the information required to address these issues • Designs the method for collecting information • Manages and implements the data collection process • Analyzes the results • Communicates the findings and their implications Marketing: The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. • Buying and selling decisions • Seeks to: o Discover needs and wants of customers o Satisfy them • Exchange: Transactions are everywhere (Airbnb, Venmo, etc.) o In election years, the exchange is an idea of a candidate for a vote. • Requirements: o 2+ parties with unsatisfied needs o A desire and ability to be satisfied o Way from the parties to communicate o Something to exchange Market: People with both the desire and ability to buy a product. Target Market: One or more specific groups of potential customers towards which an organization directs its marketing program. Uncontrollable Environmental Forces: • Social: Facebook, Coca Cola→ Spreading these products to more people worldwide • Economic • Technological • Competitive • Regulatory • Society: o Shareholders (ownership) o Suppliers (partnership) o Customers (relationships) o Other organization (alliances) 4Ps: Controllable Marketing Mix: • Product: A good, service, or idea to satisfy the consumer’s needs. • Price: What is exchanged for the product. • Promotion: Communication between buyer and seller. Advertising. • Place: A means of getting the product to the consumer. Distribution channel. Customer Value Proposition: Cluster of benefits that an organization promises customers to satisfy their needs. Customer Value: Unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before and after sale service at a specific price. Value Strategies: • Best Price: Walmart, Target, Kmart • Best Product: Starbucks (people pay more because of the brand) • Best Service: Nordstrom Relationship Marketing: • Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit. • Easy to understand but hard to do Marketing Program: A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. Market Segments: Relatively homogeneous groups of prospective buyers that have a common need and will respond similarly in marketing action. Market Concept: The idea that an organization should strive to satisfy the needs of the customer while also trying to achieve the organization’s goals. Market Orientation: Focuses its efforts on continuously collecting information about customers’ needs, sharing this information across departments, and using it to create customer value. • Production era: Demand exceeds supply, products would sell themselves • Sales era: Persuasion and sales used to sell more products. • Marketing concept era: Companies integrated marketing into business. • Customer relationships era: High customer expectations Customer Relationship Management (CRM): The process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of the organization and its offerings so that buyers will choose them in the marketplace. Customer Experience: Internal response that a customer has to all aspects of an organization and its offerings. Social Marketing Concept: View that organizations should satisfy the needs of the consumer in a way that provides for society’s well-being. Ultimate Consumers: People who use products and services purchased for a household. Organizational Buyers: Manufacturers, wholesalers, retailers, service companies, non-for- profits, and governmental agencies that buy products and services for their own use or for resale. Chapter 2 Markets/Segments: Mousetraps, Food, Shoes, Computers • Price→ cheap • Convenience→ cheese included • Efficiency→ guillotine • Humanitarian→ no kill trap Organization: Board of Directors → Corporate Level → Strategic Business Unit Level → Functional Level • Information Systems • Finance • Research and Development • Marketing • Manufacturing Operations • Human Resources Core Values: Fundamental, passionate, and enduring principles that guide an organization's conduct over time. Mission (Vision): A statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. • Should be clear, concise, meaningful, inspirational, and long-term. Business: Describes the clear, broad, underlying industry or market sector of an organization’s offering. • What do we do? o The airline business • What business are we really in? o Must ask this question from a consumer point of view o Airlines=transportation industry→ must compete with other transportations (railroad, cars, etc.) Goals: • Profit, Sales, Market share, Quality, Customer satisfaction, Employee welfare, Social responsibility Where Are We Now? • Competencies: What do we do best? • Customers • Competitors Where Do We Want To Be? • Business Portfolio Analysis: A technique that managers use to quantify performance measures and growth targets to analyze the firm’s SBU as though they were a collection of separate investments. • Diversification Analysis: Technique that helps a firm search for growth opportunities among current and new markets and current and new products. o Market Penetration: Increase sales of current product in current market o Market Development: Current products in new market o Product Development: New products in current markets o Diversification: New products in new markets SBUs: Stars: High share of high-growth markets that may need extra cash to finance their own future rapid growth. (iPhone) Question Marks: Low share of high-growth markets. Need large injections of cash to maintain market share. (Apple Watch) Cash Cows: Generate large amounts of cash. Dominant share of slow-growth markets. (iPad) Dogs: Low shares of slow-growth markets. Generate enough cash to sustain, but may not be relevant. (iPod) Strategic Marketing Process: 1. Planning a. Situation Analysis: Taking stock of where the firm or product has recently been, where it is now, and where it is heading. i. SWOT (Strengths, Weaknesses, Opportunities, Threats) b. Market-Product Focus and Goal Setting c. Marketing Program (4Ps) 2. Implementation . Obtaining Resources a. Designing Marketing Organization b. Defining Precise Tasks, Responsibilities, and Deadlines c. Executing Marketing Program 3. Evaluation . Compare results with goals a. Act on results Chapter 3 Environmental Forces Environmental Scanning: The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. • Ex: Coffee Marketers: o Money per cup of coffee per day is increasing o # of coffee consumed per day is decreasing Environmental Scan of Today’s Marketplace: • Social: Demographic shifts, cultural changes (binge watching) • Economic: Macroeconomic conditions, consumer income (China) • Technology: Connectivity and the “Internet of Things” • Competitive: Alternative forms of competition, small businesses (cash rewards instead of product rewards) • Regulatory: Laws protecting competition, laws affecting marketing mix actions, self- regulation (privacy issues) Social Forces: • Demographics • Baby Boomers: 1946-1964 • Generation X: 1965-1976 • Generation Y: 1977-1994 • Millennials: 1995+ • Generational Marketing: o People who lived through WWII may be anti-German products o People who lived through the Great Depression are very conservative with consumption o When President Nixon resigned it gave politics a bad reputation in the world
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