[MGMT 105] - Midterm Exam Guide - Comprehensive Notes for the exam (20 pages long!)

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7 Feb 2017
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UC-Irvine
MGMT 105
MIDTERM EXAM
STUDY GUIDE
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Intro to Marketing (MGMT 105) Lecture Notes 1
Marketing strategies are constantly changing to create value for customers at large
What philosophy guides a orgaizatio’s arketig activities?
- Production orientation: consistency and low prices, efficiency
o Must master process of production and the product itself
- Sales orientation
o Must maximize sales
- Market orientation: combination of production and sales orientation
o Establishes a well-defined target market
o Knows the needs and wants of target customers
o Leads to profits by delivering desired satisfactions
Every company must decide WHO they are serving
Marketing program uses a combination of four tools: known as the 4 P’s of arketig
1. Product: the good, service, or idea for the customer
2. Place: how to get the product to the consumer
3. Price: how much to charge for the product
4. Promotion: communication between consumer and seller
CRM (Customer Retention Management): important for companies to retain customers
- Necessary for long-term profit flow
Why is CRM important?
- Loyal customers willing to pay higher prices
- They will buy more which will increase sales
- They will give good referrals to others
Types of Strategic Opportunities:
Market penetration: increase sales of present products in present markets
- Advantage: small cost
- Disadvantage: small yield
Market development: increase sales of present products in new markets
- Advantage: higher yield
- Disadvantage: higher cost, need of more resources
Product development: offering new or improved products in present markets
- Advantage: attract new or more customers
- Disadvantage: higher cost, can confuse customers of your brand or company
Diversification: moving into totally different lines of business new products, new markets
- Advantage: safety net from different lines of businesses; if one fails, you still have others
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- Disadvantage: huge requirement of resources
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