Marketing Mid Term Exam Study Guide Notes Since the Midterm is open book as well as open notes there are page number references throughout the notes Some just have titles of topics with page numbers because of all the information Tried to keep is simple to skim through while taking the midterm Chapter one 3 M s strategy and Marketing Program to help students study page 13 Four P s in depth chart page 14 product place promotion and price Marketing concept idea that an organization should strive to satisfy the needs of consumers and achieve goals long term perceptions of the organization and its offerings so that buying will choose them in the marketplace Customer relationship management the process of identifying prospective buyers understanding them and developing favorable Marketing is the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at large Kosec importance of marketing to time warner business services Collect marketing trends and data Helps to determine incentives Use research and tools to drive sales through Brand awareness Marketing seeks to Discover needs and wants of customers Satisfy them At a profit Through an integrated effort Factors influencing marketing society environmental factors Requirements for marketing to occur the organization mission management people skills resources Two or more parties involved in a voluntary relationship each with unsatisfied needs Each party must have a desire and ability to engage in an exchange The parties need to be able to communicate Each party must have something of value to exchange 4 P s of the Marketing Mix Product Price Promotion Place Tim Apel AAA mobile homes Creat value through our service Doing it right To provide satisfaction and repeat business Consumers are getting more than they are paying for Marketing management philosophies Production concept assumes consumers want products that are available and highly affordable Implies management should focus on improving production and distribution efficiency Product concept assumes consumers want product that offer the most quality performance and features Implies that firm should make continuous product improvments Places the focus on the product and not the customer Selling concept assumes consumers will not buy enough product unless there is a strong sales and promotional effort Marketing concept assumes that achieving the organizations goals depends on the determining and satisfying consumers more effectively and efficiency Muller how tinken creates value for our customers Our vision create value and improve customer performance Helping the up time of equipment to save them money and increase their productivity Using our equipment technology and knowledge Beyond just our product Three parts to marketing concept The satisfaction of consumers needs wants and desires A a profit Through an integrated effort within the firm Chapter two Corporate level top management directs over all strategy for the entire organization Board of directors corporate level strategic business level functional levels see book page 27 Organizational foundation why organizational direction what organizational strategies how page 28 Core values fundamental passionate and enduring principles that guide its conduct over time Market share ratio of sales revenue of the firm to the total sales revenue of all firms in the industry Goals profit sales market share quality customer satisfaction employee welfare social responsibility Page 30 31 Competitive advantage a unique strength relative to competitors that provides a superior returns based on quality time cost and innovation BCG specific names to four resulting quadrants cash cows stars question marks dogs Planning phase of the strategic marketing process step 1 2 3 situation market product focus and market program Page 38 Implementing the marketing plan Obtain resources Design the marketing organization Develop the schedules Execute the marketing program Chapter three Environmental forces social economic technological competitive regulatory Page 65 Consumers income page 74 75 Metropolitan statistical area 50000 Micropolotian statistical area 10000 but less than 50000 Electronic commerce any activity that uses some form of electronic communication in the inventory exchange advertisement distribution and payment of goods and services Barriers to entry business practices or conditions that make it difficult for new firms to enter the market Consumerism grassroots movement started in the 1960s to increase the influence power and rights of consumers in dealing with institutions Scanning the Marketing Environment A Environmental scanning The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends CREST Social forces factors in a society that bring about changes in attitudes beliefs norms customs and lifestyle Demographics a populations characteristics such as age gender ethnicity income and occupation B Generational Cohorts page 67 Baby boomers generation x generation y millennial ADD generation Z generational marketing Chapter four Caveat emptor let the buyer beware Consumer Bill of Rights codified the ethics of exchange between buyers and sellers Right to safety be informed chose and to be heard page 93 Economic espionage the clandestine collection of trade secrets or proprietary information about a company s competitors Corporate culture is the set of values ideas and attitudes that is learned and shared among the members of an organization Code of ethics a formal statement of ethical principles and rules of conduct Whistle blowers employees who report unethical or illegal actions of their employers Moral idealism a personal moral philosophy that considers certain individual rights or duties as universal regardless of the outcome Utilitarianism a personal moral philosophy that focuses on the greatest good for the greatest number by assessing the costs and benefits of the consequences of ethical behavior The Three concepts of social responsibility page 98 99 Social audit a systematic assessment of a firms objective strategies and performance in terms of social responsibility Social audit five steps 1 Recognition of a firms social expectations and the rationale for engaging in social responsibility endeavors Identification of social responsibility causes or programs