MKT301 review Essay
1. Define marketing, explain how it creates utility, and describe its role in the global marketplace.
Marketing is an organizational function and a set of processes for: creating, communicating, and delivering value to customers.
Newer marketing involve managing customer relationships in ways that benefit the organization and its shareholders.
Marketing's Utility: Time, Place, Ownership Time: Availability of goods when customers want them Ex) Making appointments, UPS Overnight Place: Availability of goods at convenient locations Ex) Banks in grocery stores, on-site day care Ownership: Availability to transfer title of goods to buyer Ex) Retail sales (in exchange …show more content…
5. Identify the basic elements of a marketing strategy.
Marketing strategy pertains 2 steps: Selecting target market Designing an effective marketing mix: Marketing Mix blends 4 strategies to meet needs of chosen market: product strategy, distribution strategy, promotion strategy, pricing strategy
6. Describe the environmental characteristics that influence strategic decisions.
Competitive, political-legal, economic, technological, and social-cultural
Also be aware of natural environment with regulations and increasing cultural diversity with globalization.
7. Describe the methods for marketing planning, including business portfolio analysis and the BCG matrix.
Business portfolio analysis evaluates company's divisions, strategic business units (SBU). SBU are key business units that pursues a specific districts made to focus the managers.
BCG matrix: Stars - high market share, high potential to grow Question marks - low market share, high potential to grow Cash cows - high market share, low potential to grow Dogs - low market share, low potential to grow
Ch3 The Marketing Environment, Ethics, and Social Responsibility
1. Identify the five components of the marketing environment.