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Clemson MKT 3010 - Final Exam Study Guide
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MKT 3010 1st Edition Final Exam Study GuideKnow all vocab from the following chapters as well as the information below: definitions, questions, and process stepsChapter 1: Overview of MarketingMarketing- An activity, set of institutions, and process for creating, capturing, communicating, delivering,and exchanging offerings that have value for customers, clients, partners, and society at large.Marketing Mix/ 4 P’s Product: Creating value- collaboration between suppliers and customers Price: Capturing value- trade value for offerings **not just money (ex. time) Place: Delivering value- getting offerings to consumers in a way that optimizes value Promotion: Communicating value- describe offerings, learn from customersThe overall goal of the 4 P’s is to create a profitable exchange Value= Benefits Received—(Cost+ Hassle) The Marketing concept: philosophy underlying everything marketers do—strive to satisfy customer needs and wantsValue- fundamental concept of marketing Create value in order to benefit the firm, partners, customers, and societyHistory of Marketing Production-oriented era: focused on making the product, and a lot of it- until the 1920’s Sales-oriented era: focused on how much of the product was sold- around WWII until 1970’s Market-oriented era: product based, bettering it- between the 50’s and 90’s Value-based era: Focusing on a customer relationship- todayo Value based marketing- builds a relationship with the customer to strive for customer loyalty. This can be achieved through special offers, sharing informationand balancing costs with benefits. Value based marketing may actually cost more butthe outcome of the product will be more personalized and satisfying. o CRM- customer relationship management: ensuring a customer relationship has been created and keeping it.Who Engages in Marketing? For profit companieso B2B- Business to Business: sell to other businesso B2C- Business to Consumer: sell directly to customero Some businesses my practice both Non-profit companies Individuals- C2C (Consumer 2 Consumer): ex. eBayMarketing is not: Just buyers and sellers exchanging money About making profit A random activityChapter 2: Developing Marketing Strategies and a Marketing PlanStrategic Planning within the firm- Corporate level plans o Top executives- set goals for entire company- Business level plans o Strategic business units- varies for every firm- Functional level plans o Departmental- goals given to employees directly*****This is a trickle-down system. All goals must be clearly defined, specific, and achievable. Numbers are key (stats)Strategic Planning Process- always short term due to market constantly changing- Document: marketing plan- Function: allocate resources to meet the goals of the firm- Goals: o How we accomplish our objectiveso How do we deliver valueo How can we stay competitiveMarketing Plan—Step 1:- Define the Mission Statement- purpose of organization, type of business, general goals and objectives to accomplish- the mission statement rarely changes- Create a sustainable competitive advantage- way to stay ahead in the market, can be within the mission statement but often is taken outo V-something of valueo I-difficult to imitateo R- rare in the marketplaceo O- organization can support it Types of competitive advantage- Customer excellence: great customer service compared to everyone else- Company Culture: environment in the workplace, employee empowerment- this will lead to good talent and good product- Intellectual Property- patents- protects others from copying your product- Operational excellence- supply chaino Often leads to lower prices: walmart- Product excellence- high perceived value for product- Apple- Locational excellence- Social responsibility- environmentally friendly, VERY IMPORTANT TO STICK TO if company is built on thisMarketing Plan—Step 2: Assessment of organization’s internal and external environment Tool: SWOT Analysiso S- strengths (internal to the firm)o W- weaknesses (internal to the firm)o O- opportunities (outside firm)o T- threats (outside firm) are there ways to use our strengths to turn threats into opportunitiesMarketing Plan—Step 3: Identifying and Evaluating Opportunities Using STP Segmentation- Divide the marketplace Targeting- evaluate attractiveness of each segment Positioning- define the marketing mix- want to clear, distinct, and create desireMarketing Plan—Step 4: Implement Marketing Mix and Allocate Resources 4 P’s- Price, place, product, promotionChapter 2: Cont. Marketing PlanMarketing Plan: step 5- Evaluate performance using marketing metrics- Set benchmarks for successo Accountability- not all mistakes or short falls are of the fault of the marketing department, some lie outside controlo Objectives and metrics- did we meet our objectives? Hard to measure brand equityo Financial metric- this is used to tell how well products are doing- easy to measure, just financial proofo Portfolio analysis (pg. 39 in book)- shows how to best allocate resourcesThe Boston Consulting Group Matrix: type of portfolio analysis- looking at market growth rate vs. relative market share (comparing to market leader). There are four groups in this matrix:- Star-high market growth and share- Cash Cow- large share but lessening market growth, this means they need less investing and still making money- Question mark- “problem child” taking a risk with this market. Low market share but potential for high market growth, not the market leader. Can you put money from cash cow into this market to turn it into a star?- Dogs-low market growth a small market share. Not making money. Usually companies stop funding dogs and reinvest in their stars***hard to predict markets and how long they will continue to grow or fadeGrowth Strategy (pg. 43)- Market penetration- what can we do as a company to make people buy more product- ex. starbucksdrivethrough window- Market Development- getting your product into further markets, geographically and demographically. Ex. Chick-fil-a across America, NFL marketing towards women- Product Development- offering new products to existing customers to get them to buy more. Ex. Starbucks selling breakfast sandwiches- Diversification- new product to new customers, Ex. Starbucks moving into the entertainment businessDownsizing-


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Clemson MKT 3010 - Final Exam Study Guide

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