Mkt 300 Final Exam

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Marketing

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The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.

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4 P's of Marketing

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Product: a product can be a good, service, or ideas

Price: relates to decisions and actions associated with establishing pricing objectives and policies

Place (distribution): makes products available in quantities desired

Promotion: Inform individuals or groups about the organization and its products/services

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Value-Driven Marketing

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Value: a customer's subjective assessment of benefits relative to costs in determining the worth of a product (Value= Customer Benefits-Customer Costs)

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Marketing Concept

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A management philosophy that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals (all efforts of the organization)

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Strategic Marketing Management

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is the process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently

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Strategic Planning

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is the process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and marketing plan

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Corporate Identity

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should support all corporative activities

- Unique symbols

- personalities

- philosophies

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Marketing Plan

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-a written document that specifies the activities to be performed to implement and control the organization's marketing strategies

The systematic process of:

- Assessing marketing opportunities and resources

- Determining objectives

- Defining strategies

- Establishing guidelines for implementation and control of the marketing program

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Environmental Scanning

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the process of collecting information about forces in the marketing environment

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Environmental Analysis

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the process of assessing and interpreting the information gathered through environmental scanning (how you deal with the information collected during scanning)

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h

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Social Responsibility

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an organizations obligation to maximise its positive impact and minimize its negative impact of society

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Social Responsibility and Ethics Improve Marketing Performance

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evidence shows there are long-term financial benefits to being ethical and socially responsible

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Marketing Research

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systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities

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Conclusive Research

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designed to verify insights through objective procedures and to help marketers in making decisions

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Marketing Research Process

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-Locating and defining issues or problems

-Designing the research project

-Collecting data

-Interpreting research findings

-Reporting research findings

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Customer Market

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purchasers are household members who intend to consume or benefit from purchased products and do not buy products to make profits

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Business Market

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individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations

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Undifferentiated Target Strategy

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- should be homogenous market: customers have similar needs for a product

- a single marketing mix directed at the entire market

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Concentrated Target Strategy

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- Heterogeneous market: individuals or organizations with diverse needs for products in the same class

- Targeting a single market segment using one marketing mix

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Differentiated Targeting Strategy

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- Heterogeneous market

- Targeting 2 or more segments with a marketing mix of each

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Segmentation Variables

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characteristics of individuals, groups, or organizations used to divide a market into segments

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Target Market Selection Process

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Step 1: Identify the appropriate targeting strategy

Step 2: Determine which segmentation variables to use

Step 3: Develop market segment profiles

Step 4: Evaluate relevant market segments

Step 5: Select specific target markets

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Consumer Buying Behavior

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the decision process and purchasing activities of ultimate consumers, those people who purchase products for personal or household use and not for business purposes

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Perception

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selecting, organizing, and interpreting information to produce meaning

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Attitudes

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- refers to an individual's enduring evaluation of feelings about behavioral tendencies toward an object or idea

- can be positive or negative

- cognitive: knowledge and information

- affective: feelings and emotions

- behavioral: actions regarding the object or idea

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Culture

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the accumulation of value, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes on to future generations

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Subcultures

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groups of individuals whose characteristics values and behavior patterns are similar and different from those of the surrounding culture

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Monopoly

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when an organization offers a product that has no close substitute, making it the sole source of the supply

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Oligopoly

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a market form in which a market or industry is dominated by a small number of sellers

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Monopolistic Competition

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when an organization with many competitors develops a marketing strategy to differentiate its product

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Pure Competition

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involves a large number of sellers, no one of which influences price or supply