Exam 1 Study Guide https quizlet com 825382470 mkt 300 exam 1 flash cards The definition of marketing implies that both customers and businesses should receive benefits from exchange relationships The focal points of all marketing activities are Customers The forces of the marketing environment include political legal and regulatory sociocultural technological and competitive A marketing manager decides what combination of variables is needed to satisfy customers needs for a general type of product Product price distribution and promotion variables are the essential variables that the marketing manager combines Never Again MSD is a group that works to change attitudes and laws about gun control Never Again MSD primarily markets ideas The three basic forms that a product can take are services goods and ideas Deciding to add gel insoles to its running shoes would be a change in the product element of the marketing mix for Nike When SmartSheet a producer of software delayed the introduction of its new spreadsheet app to modify the package its scheduled TV advertisements announcing the new product needed to be revised In this case a change in the product variable caused changes in the promotion variable of the marketing mix When Home Depot develops new carpet fibers that are highly stain resistant and durable it must educate consumers about the product s benefits This calls for activity in which of the following marketing mix variables promotion According to the marketing concept an organization should try to provide products that satisfy customers needs and allow the organization to achieve its goals Sony s strong name recognition and solid customer demand for its televisions and game systems are two elements of the firm s strengths The first step in the strategic performance evaluation is to establish performance standards Coca Cola executives realized that more consumers are concerned with health It has since expanded into the bottled water and sports drink markets This is an example of a firm identifying and capitalizing on a market opportunity A n environmental analysis includes a detailed assessment of the competitive economic political legal regulatory technological and sociocultural factors that could affect marketing activities A n First mover advantage is the ability of an innovative company to achieve long term competitive advantages by being the first to offer a certain product in the marketplace The Escapade Academy is developing its marketing mix for the coming year Its managers know that they must first select Target Market which may be the most important decision they make in the planning process In the Chapter 2 lecture we watched a SpaceX video Based on information in that video what advantage does SpaceX have over China Strategic business unit Within a business organization a profit center that is self supporting in terms of sales markets production and other resources is known as a strategic business unit A group that has the willingness ability and authority to buy a product is a market In addition to the proliferation of new organic brands many conventional marketers have introduced organic versions of their products including Gatorade Kraft Heinz and even Kroger These firms are responding to changes in cultural values Managers at the Tycho Manufacturing are engaged in a complex process of revising their organization s mission and goals and developing corporate strategy marketing objectives marketing strategy and eventually a marketing plan This process is called strategic planning Toms of Maine s natural toothpaste is highly popular but is unlikely to experience much more market growth As a result Tom s of Maine is examining other forms of toothpaste with high potential for growth However because its natural toothpaste remains so profitable it can use these profits to invest in newer toothpastes Toms of Maine s natural toothpaste is an example of a cash cow The percentage of a market which actually buys a specific product from a specific company is referred to as that product s market share The Escapade Academy is developing its marketing mix for the coming year Its managers know that they must first select target market which may be the most important decision they make in the planning process Kroger Food Stores is involved in identifying and analyzing a target market The firm then develops a marketing mix to satisfy individuals in that market to gain long term competitive advantages Based on this example Kroger is creating a marketing strategy In the Chapter 3 lecture White Claw was shown as the product competitor for Michelob Ultra STM is located in a small city that has limited economic growth at this time Due to the condition of the local school system STM contributed 1 million to repair and revive it stating that STM believed in education for the community This action would imply that STM is in the philanthropic level of the pyramid of social responsibility A person s buying power is a function of income wealth and credit When using credit to make purchases consumers are increasing current buying power at the expense of future buying power In today s marketing environment competitors can take on many forms For example a Starbucks latte can be seen as a competitor to an issue of The New York Times In this circumstance these two products are described as total budget competitors The accumulation of past income natural resources and financial resources is known as wealth Dasani SmartWater Aquafina Glaceau PureLife and Fiji are examples of brand competitors in the beverage industry DoneFast Inc is a very profitable automobile repair shop The company is well known for its speedy service and involvement in the community but it fails to properly dispose of its used oil as outlined in environmental regulations DoneFast is failing in its legal responsibilities Assuming that inflation is low high buying power characterizes the prosperity stage of the business cycle According to the consumer bill of rights the idea that consumers interests should receive full and sympathetic consideration in the formulation of government policy is known as the right to be heard Big Valley General Hospital has designed an upcoming research project for determining the best methods for improving patient care The next step the organization must take in the marketing research process is collecting data In marketing research a sample is best described as a limited number of units chosen