BUAD301 Midterm: BUAD301 Exam 1 Study Guide

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University of Delaware
Business Administration

BUAD301 Exam #1 1. Macro-marketing- social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society a. How the whole marketing system works b. How marketing affects society and vice versa 2. See number 1 3. Roles of Marketing in economic systems- the way an economy organizes to use scare resources to produce goods and services and distribute them for consumption by various people and groups in the society. a. Two kinds of economic systems- i. Command economy- government officials make decisions ii. Market-directed economy- individual decisions of the many producers and consumers make the macro-level decisions for the whole economy b. Simple trade to production era to sales era to the marketing department era to the marketing company era 4. See number 3 5. Marketing concept- means that an organization aims all of its efforts at satisfying its customers—at a profit a. Production orientation vs marketing orientation b. Customer satisfaction c. Total company effort d. Profit 6. Marketing concept and customer value a. Take the customers point of view b. Customer value reflects benefits and costs c. Can’t ignore competition d. Build relationships with customer value 7. Characteristics of Marketing 8. See question number 3 9. Characteristics of the management job in marketing a. Planning marketing activities b. Directing the implementation of the plans c. Controlling these plans 10. Marketing Strategy- specifies a target market and a related marketing mix a. Target market- a fairly homogeneous (similar) group of customers to whom a company wishes to appeal 11. The four p’s make up the marketing mix a. Product- the or service for the target’s needs. To satisfy the target customers b. Place- reaching the target i. Channel of distribution c. Promotion- telling and selling the customer d. Price- making it right. After estimating expected customer reaction to the total offering and the costs of getting it to them 12. Attractive Opportunities- the firm has some chance of doing something about—given its resources and objectives a. Breakthrough opportunities- help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time b. Competitive advantage- means that a firm has a marketing mix that the target market sees as better than a competitor’s mix 13. Types of Opportunities to Pursue a. Market penetration- means trying to increase sales of a firm’s present products in its present markets—probably through a more aggressive marketing mix b. Market development- means trying to increase sales by selling products in new markets c. Product development- means offering new or improved products for present markets d. Diversification- means moving into totally different lines of business— perhaps entirely unfamiliar products, markets, or even levels in the production- market
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