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UT Arlington MARK 3321 - Exam 1 Study Guide

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MARK 3321 1st EditionExam # 1 Study Guide Lectures: 1-4CH 1 – Overview of Marketing- Marketingo The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at largeo Focuses more on what marketing can do, instead of the process- 5 Necessary conditions for exchangeo 1. At least two partieso 2. Something of valueo 3. Communication and deliveryo 4. Freedom to accept or rejecto 5. Desire to deal with other party- 4 Marketing Management Philosophieso Production orientation Internal capabilities of the firm Usually in 1920s “How can we sell more aggressively?”o Sales orientation Aggressive sales techniques and belief that high sales result in high profits Usually in 1950so Market orientation Satisfying customer needs and wants while meeting objective After 1950so Societal orientation Satisfying customer needs and wants while enhancing individual and societal well-being “what do customers want and need, and how can we benefit society?”- Outward focus on marketingo Customer value The relationship between benefits and the sacrifice necessary to obtain those benefits Usually happens before buying product or serviceo Customer satisfaction The customer’s evaluation of a good or service in terms of whether it has met their needs and expectations Usually happens after buying product or service American customer satisfaction indexo Relationship marketing A strategy that focuses on keeping and improving relationships with current customers- Video case – Wahoo Fish Tacoo Customer value Benefits- Food- Atmosphere- Customer service Sacrifice- Price- TimeCH 2 – Strategic Planning for Competitive Advantage- Ansoff’s Strategic Opportunity Matrix (will be on exam)o Market penetration Doesn’t change the market or product Trying to get existing customers to buy more of the producto Product development Introduce new products to existing customerso Market development Serving new markets with existing products Ex: opening new stores in different locationso Diversification Create new products to sell to new target groups Maybe selling products from different industries- Strategic business units (SBU)o SBU has A distinct mission and specific target market Control over its resources Its own competitors Plans independent of other SBU’s- Boston Consulting Group (BCG) Matrixo Stars High growth industry, high demando Question Marks Could have lots of growth and market shareo Cash cows Have a product that generates lots of profits Can use those profits for new productso Dogs Not much growth or profitso Example of relative market share Firm A = 60%- Has 2-1 market share- High market share Firm B = 30%- Has .5-1 market share- Low market share Firm C = 10%- .17 to 1 market share- Low market shareo Only industry leaders can be considered in the High category for relative market share- Marketing Plano A written document that acts as a guidebook of marketing activities for the marketing manager- Elements of a marketing plano 1. Business mission statemento 2. Situation or SWOT analysiso 3. Objectiveso 4. Marketing Strategy Target market strategy- Marketing mixo Producto Promotiono Distributiono Priceo 5. Implementation, Evaluation, Control- Defining the Business Missiono A firm’s mission statement is answers the question, “What business are we in?”o Should avoid marketing myopia, which is defining a business in terms of goods and services rather in terms of the benefits customers seek Examples of myopic statements: “we are a telephone company”, “we are in the airline business” Better ways: “we are a communications company”, “we are in the transportationbusiness”- Situation of SWOT analysiso Internal Strengths – things the company does well Weaknesses – things the company does not do wello External Opportunities – conditions in the external environment that favor strengths Threats – conditions in the external environment that do not relate to existing strengths or favor areas of current weakness- Environmental scanningo The collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan.- Competitive advantageo The set of unique features of a company and its products that are perceived by the target market as significant and superior to competitiono Types Cost- Can offer products at a cheaper price than the competition- (Walmart with low prices) Product/service differentiation- (Tom thumb with in-store experience) Niche strategies- Associating products with a different group- (Whole foods with health food movement)- Building sustainable competitive advantageo Cannot be copied by competitiono Can be used for number of years- Setting marketing plan objectiveso Marketing objective Statement of what is to be accomplished through marketing activities To be useful, stated objectives should be- Realistic- Measurable- Time specific- Compared to a benchmark- Marketing strategyo The activities of selecting and describing one or more target markets and developing andmaintain a market mix that will produce mutually satisfying exchanges with target markets- Describing the target marketo After conducting a Market Opportunity Analysis (MOA), firms can utilize one of three general strategies for selecting target markets: Entire market Multiple segments One segment- Marketing Mix: “The Four P’s”o Producto Place (distribution)o Promotiono Price- Following up on the marketing plano Implementation Process that turns a marketing plan into action assignmentso Evaluation and control Have the marketing objectives been achieved? Marketing audit- A thorough, systematic, periodic evaluation of the objectives. Strategies,structure, and performance of the marketing organizationCH 3 & 4 – Ethics and Social Responsibility/The Marketing Environment- Ethical guidelineso A code of ethics Helps identify acceptable business practices Helps control behavior internally Avoids confusion in decision making Facilitates discussion from right and wrong- Pyramid of Corporate social responsibilityo Philanthropic Be a good corporate citizeno Ethical Do what is


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