Marketing Exam 1 Study Guide
MKT 300 Exam 1
Study Guide
Modules 1-4
Module 1: * Marketing * An organizational function of collected processes designed to plan for create, communicate, and deliver value to customers and build effective customer relationships in ways that benefit the organization and its stakeholders. * Creating Value, Communicating Value, Delivering Value through products Place promotion and Price
* Marketing Mix definitions * The 4 P’s: Product, Place(distribution), Promotion and Price * A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion.
* Concept of Exchange * At least 2 parties involved, Something of Value, Communication and delivery, freedom to accept or reject, and desire to deal with other party
* Demographics vs. Psychographics * Demographics: Variables that allow us to group people together (sex, race, age, college major) * Psychographics: Tell the difference between groups and tells us why they are different. is the study of personality, values, attitudes, interests, and lifestyles. Because this area of research focuses on interests, activities, and opinions, psychographic factors. Rich people buy Ferraris but not all rich people own them. * Similarities vs. Differences, Demographics are necessary but not always sufficient to make connections * Marketing Concept * A customer-orientated philosophy that suggests that satisfaction of consumer needs provides the focus for products and development and marketing strategy to enable the firm to meet its own goals. Or put simply (Value, Customer Relationship, Customer Loyalty) * Marketing Management Philosophies * Product Orientation: Focus on efficiency of internal operations (ford, can have any model t as long as it was black.) * What can we make or do best * Sales Orientation: Focus on aggressive techniques for
Study Guide
Modules 1-4
Module 1: * Marketing * An organizational function of collected processes designed to plan for create, communicate, and deliver value to customers and build effective customer relationships in ways that benefit the organization and its stakeholders. * Creating Value, Communicating Value, Delivering Value through products Place promotion and Price
* Marketing Mix definitions * The 4 P’s: Product, Place(distribution), Promotion and Price * A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion.
* Concept of Exchange * At least 2 parties involved, Something of Value, Communication and delivery, freedom to accept or reject, and desire to deal with other party
* Demographics vs. Psychographics * Demographics: Variables that allow us to group people together (sex, race, age, college major) * Psychographics: Tell the difference between groups and tells us why they are different. is the study of personality, values, attitudes, interests, and lifestyles. Because this area of research focuses on interests, activities, and opinions, psychographic factors. Rich people buy Ferraris but not all rich people own them. * Similarities vs. Differences, Demographics are necessary but not always sufficient to make connections * Marketing Concept * A customer-orientated philosophy that suggests that satisfaction of consumer needs provides the focus for products and development and marketing strategy to enable the firm to meet its own goals. Or put simply (Value, Customer Relationship, Customer Loyalty) * Marketing Management Philosophies * Product Orientation: Focus on efficiency of internal operations (ford, can have any model t as long as it was black.) * What can we make or do best * Sales Orientation: Focus on aggressive techniques for