UGA MARK 3001 - Final Exam Study Guide (26 pages)

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Final Exam Study Guide



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Final Exam Study Guide

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30-40% of the test will be on the new material, and 60-70% will be on the old material. There will be 50 multiple choice questions, no essays. Also, there will be no new info from the book. Good luck!!!


Pages:
26
Type:
Study Guide
School:
University of Georgia
Course:
Mark 3001 - Prin of Mkt
Prin of Mkt Documents

Unformatted text preview:

MARK 3000 4TH Edition Final Exam Study Guide She said there will only be major concepts from the previous chapters and there will be no new information from the book 2 3 questions on each concept Test 1 Lecture 1 August 21 Introduction to Marketing What is marketing Marketing is everything that goes into creating capturing communicating and delivering value to customers in order to benefit the company and its stakeholders Basically it s anticipating the needs of your target market and then satisfying them through the marketing mix You re creating an immediate exchange but you want your customer to keep buying your product service Explain the marketing mix aka the 4 P s of marketing Product is creating value by producing various offerings such as developing a restaurant menu designing clothes or coming up with political ideas Place aka supply chain management is delivering value by getting the merchandise to the right consumer at the right time Promotion is communicating value by informing persuading and reminding potential customers about your product service or message Price is capturing value by figuring out how much customers are okay with paying Define corporate orientation What are the 3 orientations and the eras they were used in Corporate orientations are the different philosophies that a company might have The first is the production philosophy 1800s early 1900s which focused on what the company could do best aka the Field of Dreams philosophy If I build it they will come Concerned with product innovation not customer needs The second is the sales philosophy 1920s 1950s which focused on aggressive and super persuasive sales tactics basically selling more of what the company already had Finally the marketing philosophy 1950s now is focused on what the customer wants while satisfying the goals of your company Today this has expanded to value based marketing which focuses on not just meeting customer needs but beating out competitors on value basically making



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