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UW-Madison MARKETNG 300 - Exam 1 Study Guide

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Markt 300 1st EditionExam # 1 Study Guide Lectures: 2 - 10Lecture 2 (September 8)Things a firm should do in producing A BikeAnalyze NeedsPredict WantsEstimate DemandPredict WhenDetermine WhereEstimate PriceDecide PromotionEstimate CompetitionProvide ServiceProduction v. MarketingMarketing: making sure the right goods and services are providedProduction (w/in marketing): making goods and/or providing servicesTogether, they create customer satisfactionMarketing is a part of most aspects of our livesIt has evolved over time.Marketing Stimulates New Ideas (i.e.: zip lock on dog food bag)Revolution = BreakthroughBreakthrough ideas that fundamentally change the products that we use and/or how we use themThe Marketing Concept:Marketing Orientation:Trying to carry out the marketing conceptMaintaining a customer orientationAll departments work together guided by customer needsFocus on profit objective (or other overall objective)NOT just trying to unload what the firm has produced.Value Equation:Satisfied customer: Benefit – Cost = +Dissatisfied customer: Benefit - Cost = -Customer Lifetime ValueRelationships that develop satisfied customers + Who purchase more over time = Lifetime value of customersMarketing firms should identify opportunities to enhance customer equity (them coming back)Social Responsibility:Concerns a firm’s obligation to improve its positive effects on society and reduce its negative effectsMarketing ethics are the moral standards that guide marketing decisions and actions Micro-Macro DilemmaMicro-macro dilemma: what is good for some producers and consumers may not be good for society as a whole*Chapter 1 Concepts to Apply:What is marketing?Why is marketing important to you?How does marketing differ from production? Why is this distinction important?How is customer satisfaction linked to the marketing concept?Explain the relationship between customer satisfaction and profitWhat is the micro-macro dilemma? Examples? How can you resolve it ethically?Name a recent product evolution. Why do you feel it is an evolution, not a revolution?Term: Production: actually making goods or performing servicesCustomer Satisfaction: extent to which a firm fulfills a customer's needs, desires, and expectationsInnovation: the development and spread of new ideas, goods, and services. encouraged bymarketing.Marketing: 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 consumer or client.Macro-marketing: a 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 and accomplishes the objectives of societyEconomies of scale: as a company produces larger numbers of a particular product, the cost of each unit of the product goes downBuying: looking for and evaluating goods and servicesSelling: involves promoting the product. i.e.: personal selling, advertising, customer service, etc.Transporting: the movement of goods from one place to anotherStoring: holding goods until customers need themStandardization and Grading: sorting products according to size and qualityFinancing: provides the necessary cash and credit to produce, transport, store, promote, sell, and buy productsRisk taking: bearing the uncertainties that are part of the marketing processLecture 3 (September 10) Chapter 2 Concepts to Apply:What are the benefits to marketing Planning?Explain how a situation analysis affects a SWOT and objectives. (Hint: Look at the planning process. Diagram the relationship between the situation analysis, the SWOT, the Critical Issues and the Marketing Objectives. Provide an explanation-using consumer package good.)Which of the 4 p’s is most important? Explain your rationale. How does satisfying a need differ from providing a “benefit”? Explain by using an actual brand example. Give an example of a breakthrough opportunity- is it evolutionary or revolutionary? What are the 4 types of market growth strategies? Describe the circumstances that would drive the selection of each. Key terms:Strategic Management Planning: the managerial process of developing and maintaining a match between an organization's resources and its market opportunities.Target Market: a fairly homogenous (similar) group of customers to whom a company wishes to appealMarket Mix: the controllable variables the company puts together to satisfy this target group. made up of product, place, promotion, priceTarget Marketing: marketing mix is tailored to fit some specific target customersMass Marketing: the typical production-oriented approach - vaguely aims at "everyone" with the same marketing mix.Channel of Distribution: any series of firms (or individuals) that participate in the flow of products from producer to final user or consumerPersonal Selling: direct spoken communication between sellers and potential customers.Customer Service: a personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase. key to repeat businessMass selling: communicating with large numbers of customers at the same time. usually uses a wide variety of mediaAdvertising: the main form of mass selling. any paid form of non personal presentation of ideas, goods, or services by an identified sponsor.Publicity: any unpaid form of nonpersonal presentation of ideas, goods, or servicesSales Promotion: those promotion activities - other than advertising, publicity, and personal selling - that stimulate interest, trial or purchase by final customers or others in the channel.Marketing Plan: a written statement of a marketing strategy and the time-related details for carrying out the strategy.Customer Equity: the expected earnings stream (profitability) of a firm's current and prospectivecustomers over some period of time.Breakthrough Opportunities: opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long timeCompetitive Advantage: a firm has a marketing mix that the target market sees as better than a competitor's mixDifferentiation: the marketing mix is distinct from and better than what is available from a competitorS.W.O.T. Analysis: identifies and lists the firm's strengths, weaknesses, opportunities, and threatsMarketing Penetration: trying to increase sales of a firm's present products in its present


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