Marketing Management Exam #1 Study Guide

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  • Topic: Marketing, Working class, Marketing plan
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Marketing Management
Exam 1 Study Guide
Chapter 1-3

Core Competency
* Attribute that:
* (1) Is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits * (2) Has applications in a wide variety of markets
* (3) Is difficult for competitors to imitate

Fad, Trend, Megatrend
* Fad:
* “Unpredictable, short-lived, and without social, economic, and political significance.” * Trend:
* A direction or sequence of events that has some momentum and durability. * Trends are more predictable and durable that fads
* A trend reveals the shape of the future and provides many opportunities * Megatrend:
* Have been described as “large social, economic, political, and technological changes that are slow to form, and once in place, they influence us for some time --- between 7 and 10 years, or longer.

Marketing Intelligence System
* A set of procedures and sources managers use to obtain everyday information about developments in the marketing environment.

Government Data Sources
* The 200 U.S. Census provides an in-depth look at the population swings, demographic groups, regional migrations, and changing family structures of 281,421,906 people. Census marketer Claritas cross-references census figures with consumer surveys and its own grassroots research for clients such as Proctor & Gamble, Dow Jones, and Ford Motor Co. Partnering with “list houses” that provide customer phone and address information, Claritas can help firms select and purchase mailing lists with specific clusters.

Class System in U.S. and trends with poor, rich, middle
* The upper class:
* Is the social class composed of those who are wealthy, well-born, or both. They usually wield the greatest political power. In some countries, wealth alone is sufficient to allow entry into the upper class. In others, only people born into certain aristocratic bloodlines are considered members of the upper class, and those who gain great wealth through commercial activity are looked down upon as nouveau riche. The upper class is generally contained within the wealthiest 1 or 2 percent of the population. Members of the upper class are often born into it, and are distinguished by immense wealth which is passed from generation to generation in the form of estates. Sometimes members of the upper class are called "the one percent". * Middle class:

* The middle class are the most contested of the three categorizations, the broad group of people in contemporary society who fall socio-economically between the lower class and upper class. One example of the contestation of this term is that In the United States "middle class" is applied very broadly and includes people who would elsewhere be considered lower class. Middle class workers are sometimes called "white-collar workers". * Theorists such as Ralf Dahrendorf have noted the tendency toward an enlarged middle class in modern Western societies, particularly in relation to the necessity of an educated work force in technological economies. Perspectives concerning globalization and neocolonialism, such as dependency theory, suggest this is due to the shift of low-level labor to developing nations and the Third World. * Lower class (occasionally described as working class)

* Are those employed in low-paying wage jobs with very little economic security. * The working class is sometimes separated into those who are employed but lacking financial security, and an underclass—those who are long-term unemployed and/or homeless, especially those receiving welfare from the state. * Members of the working class are sometimes called blue-collar workers. Income Distribution Trends

* Over the past 3 decades in the United States, the rich have grown richer, the middle class has shrunk, and the poor have remained poor. From 1973 to 1999, earnings for US...
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