MKT 300 Exam 1

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MKT 300 Exam 1

Study Guided For Mkt 300 Exam 1

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Target market-
a specific group of customers on whom an organization focuses its marketing efforts
Marketing mix
marketers combine and balance four elements when determining how to satisfy customers needs for a product. Product, price, distribution, promotion
Marketing Exchanges
the provision or transfer of goods, service, or ideas in return for something of value
Marketing Environment
the six forces that surround the customer and affect the marketing mix. Economic, political, legal and regulatory, technological, socio-cultural, competitive
the process of creating, distributing, promoting and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customer and develop and maintain favorable relationships with stakeholders in a dynamic environment
Marketing Concepts
a management philosophy that an organization should try to provide products that satisfy customer’s needs through a coordinated set of activities that also allows the organization to achieve its goals
Evolution of the Marketing Concept
product orientation (1850-1920), Sales orientation (1920-1960) market orientation (1960-current)
Value- Driven Marketing
a customer’s subjective assessment of benefits relative to costs in determining the worth of a product
Strategic Planning Process
the process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.
Marketing Strategy
a plan of action of identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
Marketing Plan
a written document that specifies the activities to be performed to implement and control the organization’s marketing actives
Competitive Advantage
the result of a company’s matching a core competency to opportunities in the market place
Corporate Identity
should support all corporate activities, unique symbols, personalities, philosophies.
Corporate Strategy
a strategy that determines the means for utilizing resources in the various functional areas to reach the organizations goals
Marketing Implementation
the process of putting marketing strategies into action
Environmental Scanning
- the process of collecting information about forces in the marketing environment.
Political Forces in Marketing
enactment of legislations, legal decisions interpreted by courts through civil criminal cases, influences or regulatory agencies.
Types of Competitive Structures
Monopoly, Oligopoly
Monopolistic Competition
when an organization with many competitors develops a marketing strategy to differentiate its products
Pure Competition
a large number of sellers, no one of which influences price or supply
Consumer Protection
legislation (federal and state laws), protect people from harm, prohibits hazardous products, requires information disclosure, aimed at particular marketing activities
Adoption and use of technology
firms must keep up with technology to maintain their status as market leaders
Social Responsibility
an organization’s obligation to maximize its positive impact and minimize its negative impact on society
Cause Related marketing
the practice of linking products to a particular social cause on an ongoing or short term basis
Strategic Philanthropy
the synergistic use of organizational core competencies and resources to address key stakeholder’s interests and achieve both organizational and social benefits.
Ethical Issues to the marketing mix
product-failing to disclose risks associated with a product, distribution- manipulating product availability, promotion-offering and accepting bribes in personal selling situations, price-price fixing
Social Responsibility and ethics improve marketing performance
evidence shows there are long term financial to being ethical and socially responsible
Steps in conducting marketing research
locating and defining issues of problems, designing the project, collecting data, interpreting research findings, report’s findings.
Methods  of gathering date
mail, telephone, online, door-to door, focus group
Marketing Research process step 1 & 4
1- focus on uncovering the nature and boundaries of situation, 4-interpret findings.
Type of Research
exploratory, conclusive, descriptive, experimental.
Personal Interview  survey
in-home/door to door, focus groups, customer advisory board, telephone depth, shopping mall intercept.
Questionnaire Construction types
open ended question, multiple choice question, dichotomous question
Consumer Market
purchasers and household members who intend to consumer or benefit from the purchased products and do not buy products to make profits
Business Market
individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
Undifferentiated targeting strategy
a strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product
Homogenous Market
a market in which large proportion of customers have similar needs for a product
Major Segmentation
the process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs
Concentrated Targeting Strategy
a market segmentation strategy in which an organization targets a single market segment using one marketing mix
Differentiated Targeting
a strategy in which an organization targets two or more segments by developing a marketing mix for each segment
Target Market Selection process- Step 3
develop market segment profiles
Product Positioning
creating and maintain a certain concept of a product in customers mind
changing the product, its price or its distribution
Stages of consumer buying
problem recognition, information search, evaluation of alternatives, purchase stage, post purchase evaluation
Consumer buying behavior
the decision processes and actions of people involved in buying and using products
selecting, organizing and interpreting information to produce meaning
individual’s enduring evaluations of feelings about and behavioral  tendencies toward an object or idea.
refers to individual’s pattern of living expressed through activities, interest and opinions
Consumer problem solving strategies
routinized response, limited problem solving, extended problem solving, and impulse buying
Social Influence roles
actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons
the accumulation of values, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes on to future generation
groups of individuals whose characteristic values and behavior patterns are similar and different from those of the surround culture
Characteristics of transactoins with businesses
tend to be longer than individual consumer sales
Types of business purchases
new task purchase: item purchased to perform a new job, straight rebuy: routine purchases of same product, modified rebuy: new task purchase that is changed on subsequent orders
Buying Center
the group of people within the organization who make business purchase decisions
influences of the business buying decision process
environmental, organizational, interpersonal, individual
Industrial classification systems
ready-made tools which allow marketers to divide organization into groups based mainly on the type of goods and services provided