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UW-Madison MARKETNG 300 - Final Exam Study Guide

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MKT 300 1nd EditionFinal Exam Study Guide Lectures: 1 - 26II. Chapter 1 TermsIII. Chapter 1 Concepts to ApplyIV. & VIII. Chapter 2 TermsV. & IX. Chapter 2 Concepts to ApplyX & XII. Chapter 4 TermsXI. & XIII. Chapter 4 Concepts to ApplyXIV. & XVII. Chapter 5 TermsXV. & XVIII. Chapter 5 Concepts to ApplyXIX. Chapter 7 TermsXX. Chapter 7 Concepts to ApplyXXI. Chapter 10 TermsXXII. Chapter 10 Concepts to Apply XXIII. & XXV. Chapter 11 TermsXXIV. & XXVI. Chapter 11 Concepts to ApplyChapter 1II. Chapter 1 Terms- Production: actually making goods or performing services - Customer Satisfaction: the extent to which a firm fulfills a customer’s needs, desires, andexpectations- Innovation: the development and spread of new ideas, goods, and services- Marketing: performance of activities that seek to accomplish an organization’s objectivesby anticipating customer or client needs and directly a flow of need-satisfying goods and services from producer to consumer or client.- 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 andaccomplishes the objectives of society. Emphasis on how the whole marketing system works (a.k.a. affecting society and vice versa)- Economies of Scale: As a company produces larger numbers of a particular product, the cost of each unit of the product goes down- Buying: looking for and evaluating goods and services- Selling: Promoting the product (advertising etc.)- Transporting: movement of goods from one place to another- Storing: holding goods until customers need them.- Standardization and Grading: Sorting products according to size and quality (reduces need for inspection and sampling)- Financing: necessary cash and credit to produce, transport, store, promote, sell, and buy products- Risk-Taking: bearing the uncertainties that are part of the marketing process- Simple Trade Era: a time when families traded or sole their “surplus” output to local distributors; these specialists resold the goods to other consumers or other distributors (think less developed countries)- Production Era: Industrial Revolution until 1920’s: time when a company focused on production of a few specific products “if we can make it, it will sell”- Sales Era: 1930: time when a company emphasizes selling because of increase competition a.k.a. beat competitors and win consumers- Marketing Department Era: time when all marketing activities are brought under the control of one department to improve sort run policy planning and to try to integrate thefirm’s activities- Marketing Company Era: time when in addition to short run marketing planning, marketing people developed long range plans, sometimes five or more years ahead and the whole company effort is guided by the marketing concept- Marketing Concept: an organization aims all of its efforts at satisfying its customers at a profit. Three basic ideas: customer satisfaction, total company effort, and profit - Production Orientation: when managers show little interest in customers’ needs; makingwhatever products are easy to produce and then trying to sell them; think customers by output instead of trying to serve customers- Marketing Orientation: when companies try to carry out the marketing concept; tries to offer customers what they need- Customer Value: the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits- Micro-Macro Dilemma: when a firm focuses its efforts on satisfying some consumers – to achieve its objectives – there may be negative effects on society. Producers and consumers making free choices can cause conflicts and difficulties. What is good for some companies might not be good for society as a whole. I.e.: NYC water bottles vs. good tasting safe tap water- Social Responsibility: a firm’s obligation to improve its positive effects on society and reduce its negative effects- Marketing Ethics: the moral standards that guide marketing decisions and actionsIII. Chapter 1 Concepts to Apply1. What is marketing? a. The performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.2. What is marketing Important to youa. I’ll be a consumer the rest of my life; things available when and where I want them; I pay for cost of marketing activities as a consumer; career opportunities.3. How does marketing differ from production? Why is this distinction important?a. Marketing should begin with potential customer needs; marketing should try to anticipate needs; marketing, rather than production, should determine what goods and services are to be developed.4. How is customer satisfaction linked to the marketing concept?a. Customer satisfaction guides the whole system; companies used to fence in their area in the company but that’s not good; better to work together to get the ultimate goal.5. Explain the relationship between customer satisfaction and profit.a. Customers who are satisfied are more likely to be loyal: increase customer lifetime value and increase customer willingness to pay premium costs. b. Firms must satisfy customers, even if it can be more costlyc. Profit: difference between a firm’s revenue and its total costs. It is the bottom line measure of the firm’s success and ability to survive; it is the balancing point that helps the firm determine what needs it will try to satisfy with total effort.6. What is the micro-macro dilemma? Examples? How can you resolve it ethically?a. What is good for some firms and consumers may not be good for society as a whole: consumers and producers making free choices can cause conflicts and difficulties. NYC water bottle issueb. Terrain vehicles are fun for some people, but may result in damage of wilderness area and injuries (killing productive people to society)7. Name a recent product evolution. Why do you feel it is an evolution not a revolution?a. Purina Dog Food Zip lock top is an evolution of hard dog food. A revolution wouldbe the breakthrough invention of preservative hard dog food.Diagrams from Chapter 1 Lecture Notes!Chapter 2IV. Chapter 2 Terms- Strategic (management) Planning: Planning strategies to guide a whole company. Managerial process of developing and maintain an organization’s resources and its market opportunities-


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