Marketing Management Review
Review Sheet: MKT490 Exam 1 ch1-ch5
Ch1. Marketing Management and Marketing Strategies
Understand marketing offering: product, place, service, people, experience, idea…
Market offering: combination of products, services, information or experiences offered to a market to satisfy a need or want
Market offering are not limited to physical products, they also include services (intangible activities or benefits). Also includes, other entities as persons, places, organizations, info and ideas
Understand organization’s environment (macro and micro).
Environment, actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships.
Micro, actors close to the company that affects the ability to serve customers (company, suppliers, marketing intermediaries, customer markets, competitors, public)
Macro, larger societal forces that affect the microenvironment, demographic, economics, natural, technological, political, cultural forces)
Understand a firm’s growth strategies: market development strategy, product development strategies, diversification, and market penetration strategy.
Market development, a strategy for company growth by identifying and developing new market segments for current company products.
Product development, ‘’ offering modified or new products to current markets.
Diversification, “” through starting up or acquiring businesses outside the company’s current products and markets.
Market penetration, ‘’ increasing sales of current products to current market segments without changing the product.
Understand the methods to achieve competitive advantage: differentiation, cost leadership, diversification.
Differentiation, differentiating the market offering to create superior customer value.
What is marketing mix? (4Ps) Understand each one of them.
Marketing Mix, the set of controllable tactical marketing tools (product, price, place, and promotion)
Product, good and
Ch1. Marketing Management and Marketing Strategies
Understand marketing offering: product, place, service, people, experience, idea…
Market offering: combination of products, services, information or experiences offered to a market to satisfy a need or want
Market offering are not limited to physical products, they also include services (intangible activities or benefits). Also includes, other entities as persons, places, organizations, info and ideas
Understand organization’s environment (macro and micro).
Environment, actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships.
Micro, actors close to the company that affects the ability to serve customers (company, suppliers, marketing intermediaries, customer markets, competitors, public)
Macro, larger societal forces that affect the microenvironment, demographic, economics, natural, technological, political, cultural forces)
Understand a firm’s growth strategies: market development strategy, product development strategies, diversification, and market penetration strategy.
Market development, a strategy for company growth by identifying and developing new market segments for current company products.
Product development, ‘’ offering modified or new products to current markets.
Diversification, “” through starting up or acquiring businesses outside the company’s current products and markets.
Market penetration, ‘’ increasing sales of current products to current market segments without changing the product.
Understand the methods to achieve competitive advantage: differentiation, cost leadership, diversification.
Differentiation, differentiating the market offering to create superior customer value.
What is marketing mix? (4Ps) Understand each one of them.
Marketing Mix, the set of controllable tactical marketing tools (product, price, place, and promotion)
Product, good and