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 services combination the company offers to the market. Price, amount of money customers must pay to obtain the product. Place, activities that make the product available to target customers. Promotion, activities that communicate the merits of the product and persuade target customers to buy it.
Understand that the customer orientation is the focus of today’s firms and organizations, and long-term relationship will bring firms and organizations more profits and more satisfaction to customers. Customer orientation, and relationship, overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Understand BCG box.
Ch2. Marketing Research
What is marketing research?
Marketing Research, systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Marketing research helps marketers to better adapt the products according to consumers’ need, better segment markets, and more efficiently communicate with consumers.
Steps of marketing research starts from the purpose of the research. What are those purposes? Defining the problem and research objectives. Exploratory, research to gather preliminary information that will define problems and suggest hypothesis. Descriptive, describe marketing problems, situations. Causal, research to test hypothesis about cause- and – effect relationships.
What is quantitative research and qualitative research?
Qualitative Research, aimed at gaining a deep understanding of a specific organization or event. Quantitative: is to develop and employ mathematical models, theoriesand/or hypotheses pertaining to phenomena.
What is primary data and what is secondary data? Understand advantage and disadvantage of primary and secondary data Primary data, collected for the specific purpose at hand.
Secondary data, info that already exists somewhere, having been collected for another purpose....
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