[MKT 300] - Midterm Exam Guide - Ultimate 17 pages long Study Guide!

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MKT 300
MIDTERM EXAM
STUDY GUIDE
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Welsh
1
Sarah Welsh
MKT 300
Dr. Lunt
January 19, 2017
Lecture 1 Marketing Overview
Questions you would ask when buying/taking over a tennis factory:
1. What’s the revenue of the past year? What’s the goal for next year?
2. How many workers did they have before?
3. How much salary did they pay?
4. Questions pertaining creating a new budget
5. **Who was your main market and who did they sell to the most?
6. **Endorsements
7. **Sales pitch
8. **What are your highest engagement hours for social media and marketing?
9. **Demographics of target audience
10. **What mediums where most effective with sales?
11. Where did you sell? What stores did you have contracts with?
12. Where do you get the materials
13. Did they have more than one factory?
14. What were your hours of production?
15. What competition is in the area?
16. Questions pertaining management? HR?
17. Why are you selling?
Chapter 1
Marketing:
Involves a philosophy, attitude, perspective
Everything needs to focus on customer satisfaction
Anything that eventually results in customer satisfaction
A function and set of processes improved processes and providing
customers with value
Must be able to:
Define business goals
Assess situations
Budget
Implementation control and recovery
Knowledge of marketing
Formulating product-market strategies
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Welsh
2
Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and EXCHANGINING offerings that have VALUE for
CUSTOMERS, clients, partners and society at large.
It’s more than just activities
Focus on delivering value and benefits
Strategies to satisfy customers and other stakeholders
Involves building relationships
*80% of business comes from 20% of customers we want to know who they are
and what they are buying what makes them loyal
Involves many stakeholders
**Facilitates exchange
Exchange occurs when people give up something in order to receive something they
would rather have.
We want them to exchange time and information through feedback so we can
improve and drive monetary exchanges.
Conditions for exchange:
Has to be at least two people
Has to be something of value
Communication and delivery you have to deliver on promise
Quiz******Freedom to accept or reject (E.g. paying taxes is not an exchange
because we are forced to do so, we don’t get to choose)
Desire to deal with the other party Information asymmetry, manipulation
of information
Retail supply chain:
…is made up of al the organization involved in taking a product from inception to
final consumption any step along the way where value is added. If a step stops
adding value it is removed.
Manufacturers
Wholesalers
Retailers
Facilitating organizations
Consumers
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