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Comprehensive Final Exam Study Guide - Principles of Marketing | MKT 3820, Study notes of Principles of Marketing

Middle Tennessee State University (MTSU)Principles of Marketing

Comprehensive Final Exam Study Guide Material Type: Notes; Class: Principles of Marketing; Subject: Marketing (MTSU and RODP); University: Middle Tennessee State University; Term: Spring Term 2015;

Typology: Study notes

2014/2015

Uploaded on 05/27/2015

tlchotrod
tlchotrod 🇺🇸

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Chapter 1
Things necessary for exchange:
1. At least 2 parties
2. Each must have something of possible value to the other
3. Each must be capable of communication and delivery
4. Each is free to accept or reject the exchange offer
5. Each believes it is an appropriate/desirable to deal with the other
Management Philosophies (AKA – “Orientations”):
1. Production – Internal capabilities of the firm
2. Sales – Sell more with aggressive sales
3. Market – Meeting company objectives and meeting customer satisfaction
4. Social Marketing – Preserve societies long-term interests.
Chapter 2
Marketing Plan – A written document that acts as a guidebook of marketing activities for
the marketing manager. This includes:
1. Mission Statement
2. SWOT Analysis
3. Objectives
4. Marketing Strategy
5. Implementation, Evaluation, & Control
SWOT Analysis – Identifying internal (S) strengths, (W) weaknesses, (O) opportunities,
and (T) threats.
Portfolio Matrix – A tool for allocating resources among products or strategic business
units on the basis of relative market share and market growth rate. The matrix includes:
1. Stars – A growing market leader.
2. Cash Cows – Generates more cash than it needs to maintain market share.
3. Problem Child/Question Mark – Rapid growth but poor profit margins.
4. Dogs – Low growth potential and a small market share.
Chapter 3
Sustainability – The idea that socially responsible companies will outperform their peers
by focusing on world problems and ways to help, all while building profits.
Code of Ethics – A guideline to help make better decisions.
Levels of the Pyramid of Corporate Social Responsibility (top to bottom):
1. Philanthropic responsibilities
2. Ethical responsibilities
3. Legal responsibilities
4. Economic responsibilities
Chapter 4
Generation X – People born between 1965 and 1978. Consists of ~ 50 million U.S.
consumers. Products of dual career households, or divorced/separated parents.
Independent, cautious, skeptical, and also took a hit from the Great Recession.
Chapter 5
Multidomestic Strategy – When multinational firms enable individual subsidiaries to
compete independently in domestic markets.
Global Marketing Standardization – Production of uniform products that can be sold the
same way all over the world.
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Download Comprehensive Final Exam Study Guide - Principles of Marketing | MKT 3820 and more Study notes Principles of Marketing in PDF only on Docsity!

Chapter 1  Things necessary for exchange:

  1. At least 2 parties
  2. Each must have something of possible value to the other
  3. Each must be capable of communication and delivery
  4. Each is free to accept or reject the exchange offer
  5. Each believes it is an appropriate/desirable to deal with the other  Management Philosophies (AKA – “Orientations”):
  6. Production – Internal capabilities of the firm
  7. Sales – Sell more with aggressive sales
  8. Market – Meeting company objectives and meeting customer satisfaction
  9. Social Marketing – Preserve societies long-term interests. Chapter 2  Marketing Plan – A written document that acts as a guidebook of marketing activities for the marketing manager. This includes:
  10. Mission Statement
  11. SWOT Analysis
  12. Objectives
  13. Marketing Strategy
  14. Implementation, Evaluation, & Control  SWOT Analysis – Identifying internal (S) strengths, (W) weaknesses, (O) opportunities, and (T) threats.  Portfolio Matrix – A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate. The matrix includes:
  15. Stars – A growing market leader.
  16. Cash Cows – Generates more cash than it needs to maintain market share.
  17. Problem Child/Question Mark – Rapid growth but poor profit margins.
  18. Dogs – Low growth potential and a small market share. Chapter 3  Sustainability – The idea that socially responsible companies will outperform their peers by focusing on world problems and ways to help, all while building profits.  Code of Ethics – A guideline to help make better decisions.  Levels of the Pyramid of Corporate Social Responsibility (top to bottom):
  19. Philanthropic responsibilities
  20. Ethical responsibilities
  21. Legal responsibilities
  22. Economic responsibilities Chapter 4  Generation X – People born between 1965 and 1978. Consists of ~ 50 million U.S. consumers. Products of dual career households, or divorced/separated parents. Independent, cautious, skeptical, and also took a hit from the Great Recession. Chapter 5  Multidomestic Strategy – When multinational firms enable individual subsidiaries to compete independently in domestic markets.  Global Marketing Standardization – Production of uniform products that can be sold the same way all over the world.

Chapter 6  Want-Got-Gap – The imbalance between actual and desired states.  Consumer Decision Making Process – A 5 step process used by consumers when buying goods/services.

  1. Need recognition
  2. Information search
  3. Evaluation of alternatives
  4. Purchase
  5. Post-purchase behavior Chapter 7  Types of demand:
  6. Derived – Demand for business products
  7. Joint – 2+ items used together in a final product
  8. Inelastic – + or – in price will not significantly affect demand for the product
  9. Fluctuating - + or – in price can produce a large change in demand for the things needed to make consumer products.  Reciprocity – A business purchasers choose to buy from their own customers. Chapter 8  Segmentation Basis – Characteristics of individuals, groups, or organizations. Types include:
  10. Geographic
  11. Demographic (gender, income, race, age, etc.)
  12. Psychographic (personalities, motives, lifestyles, & geodemographics)
  13. Benefit
  14. Usage-Rate  Undifferentiated Targeting Strategy – A marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix.  Product Differentiation – A positioning strategy that some firms use to distinguish their products from those of competition. Chapter 9  Marketing Research – The process of planning, collecting, and analyzing data relevant to a marketing decision.  Management Decision Problem – A broad-based problem that uses marketing research in order for managers to take proper actions.  Observation Research – A research method that relies on four types of observation:
  15. People watching people
  16. People watching an activity
  17. Machines watching people
  18. Machines watching an activity Chapter 10  Business/Industrial Product – A product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers.  Consumer Product – A product bought to satisfy an individual’s personal wants or needs.  Product Line – A group of closely related product items.  Product Mix – All products that an organization sells.
  1. Pioneering – Stimulates primary demand for a new product or product category.
  2. Competitive – Influences demand for a specific brand.
  3. Comparative – Compares 2 or more specifically named or shown competing brands on one or more specific attributes.  Advertising appeals – A reason for a person to buy a product. Typically, they play off consumers’ emotions and address some need or want consumers have.  Promotional Mix – The combination of promotional tools – advertising, public relations, personal selling, sales promotion, and social media – used to reach the target market and fulfill the organization’s overall goals. Chapter 17  2 types of selling methods:
  4. Traditional Personal Selling
  5. Relationship or Consultative Selling  Customer Relationship Management (CRM) is use to:
  6. Identify customer relationships
  7. Understand interactions of the current customer base
  8. Capture customer data
  9. Leverage customer information Chapter 18  6 categories of social media users:
  10. Creators – Produce and share content
  11. Critics – Post comments, ratings, and reviews
  12. Collectors – Use RSS feeds and vote for websites online
  13. Joiners – Maintain a social networking profile and visit other sites
  14. Spectators – Read blogs, listen to podcasts, and just generally consumes media
  15. Inactives – Those who do none of these things.  Crowdsourcing – Using consumers to develop and market products. Chapter 19  3 pricing objective categories:
  16. Profit Oriented – Based on profit maximization, satisfactory profits, and target ROI = net profits after taxes / total assets.
  17. Sales Oriented – Based on market share or (dollar / unit sales).
  18. Status-Quo – Maintains existing prices to meet their competition’s prices.  Yield Management System – A technique for adjusting prices that uses complex mathematical software to profitably fill unused capacity by discounting early purchases, limiting early sales at these discounted prices, and overbooking capacity.  Types of costs marketers must consider:
  19. Variable & Average Variable
  20. Fixed & Average Fixed
  21. Average Total
  22. Marginal Costs Chapter 20  The 3 pricing policies:
  23. Price Skinning – Charging a high introductory price along with heavy promotion.
  24. Penetration Pricing – Charging a low initial price to reach the mass market.
  25. Status Quo Pricing – Charging identically, or very closely, to competitor’s prices.

 Price Fixing – 2 or more companies agreeing to the price they will charge for a product.  Unfair Trade Practicing – Wholesalers and retailers selling below cost.  Predatory Pricing – Charging a very low price for a product with the intent of driving competitors out of business or out of the market.