MKT 201- Final Exam Guide - Comprehensive Notes for the exam ( 47 pages long!)

• School: University of Miami
• Department: Marketing
• Course: MKT 201
• Professor: Ben Recarey

Document Summary

3. self sufficiency decentralized exchange centralized change: production era, production concept of marketing: if you produce cheaper it would sell itself. Need: geographic seperation, time separation, knowledge separation, ownership separation, quantity discrepancies - solved by wholesaler buying (all million pairs of sunglasses) 1: assortment discrepancies - marketing takes things that are heterogeneous and makes them homogeneous for you - universal because somebody has to do it for the system to work. Transporting (place utility) - makes it easier to buy something. Yes, but we cannot do away with their function. What are the 4 macro strategies that marketers can use to create value for a product or service? a. What characteristics should a good mission statement have? a. a long term vision of what you want to become: mission provides focus to all of the departments c. good mission statement: i.