Marketing Management Final Exam Study Guide

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Chapter 1 (Overview)
Marketing Concept: satisfy customer needs and achieve organizational goals * Your biggest competitor is the way people already do things- find ways to integrate your products into target market’s everyday life Marketing: the activity for creating, delivering, communicating, and exchanging offerings that benefit the organization, it’s stakeholders, and society at large * Benefits stakeholders (customers, shareholders, employees, suppliers, channel members * Affects society

* Focuses on customers
* Everything can be marketed
* Marketing decisions are complex
Chapter 2 (Strategy)
Growth strategies-diversification analysis for Starbucks
* Existing ProductsNew Products
* Existing markets Market PenetrationProduct Development more coffeeCDs, wireless
* New ProductsMarket DevelopmentDiversification
Corporate coffee setupsice cream, tea
Market Penetration- increasing sales of present products in existing markets, General Mills may increase sales of Cheerios to current customers by stressing cereal’s cholesterol-lowering benefit on package Market Development-selling existing products such as cereals to new markets * Example: Europe potential good market through joint venture of Nestle, but has lack of experience in area compared to Nestle Product Development- selling new products to existing markets * Example: General Mills can leverage its joint venture with Curves fitness to introduce granola bar, extra product dev costs but knows market well Diversification- developing new products and selling them in new markets, high risk * Example: strategy for General Mills, no previous experience ex. Milk substitute market overcome product dev costs & gaining distribution **The TA didn’t say anything about SWOT, SBU’s, or the Product Matrix but they are all in this chapter so I would review it Mission Statements

* How companies form a Mission Statement
* Mission: a statement of the organization’s function in society * Why is a mission statement important
* Explicitly defines organizational purpose for employees and external stakeholders * Guides strategic decisions at corporate and lower levels * Mission statements constraint strategy but do not define it * How to make a good mission statement

* State a limited number of broad goals
* Define major competitive spheres (market customers, products, technology) * Apply for the long term
* Short clear memorable and meaningful
* Will be a question listing all and ask for which one is not (understanding question)

Chapter 3 (Environment)
Environmental Scanning: The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. * Continuous, continuous, continuous

Different Generations and distinctions
1. Depression (89+) Survivors, financial security, safety 2. WW2 (82‐87) Team oriented, patriotic
* Sacrifice for the common good
3. Post‐war (64‐81) Conservative, conformist, family 4. Baby boomers (44‐63) Challenged authority, championed * causes, confrontational, careers
5. Generation X (33‐43) Personal life ahead of work, * Embrace cultural diversity
6. Generation Y (15‐32) Tech savvy, multi‐taskers, accept * change, seek physical safety, high expectations, ad skeptics * Tech Savvy likes change
* Products and brands, Promotion, Distribution
Chapter 4 Ethics
Consumer Bill of Rights – brought on from caveat emptor
1. Right to safety
2. Right to be informed (FTC) – right to active information about products 3. Right to choose – products, competition
4. Right to be heard - complaints
* Trademarks (sound, pictures, everything)
* Code of ethics – formal statement of ethical principles and rules...
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