Marketing Exam 1 Study Guide

Marketing:
the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
Key Marketing Concepts:
1. Needs, wants, and demands
2. Products and services
3. Markets
4. Value, satisfaction & quality
5. Exchange, transactions & Relationships
The four Ps in the marketing mix:
1. Product
2. Promotion
3. Place
4. Price
Association between the value and the corresponding element of the marketing mix
creating offerings = product
The four requirements for marketing to occur:
1. Parties with unsatisfied needs
2. A desire and ability to satisfy the needs
4. A way for the parties to communicate
5. Something to exchange
The concept of value and relationship marketing
• Value is determined by the customer
– Creating products
– Communicating about products
– Delivering products
– Exchanging products for $$
The concept of social marketing
Complaints, Suggestions, Blogs and Social Networks
= Improved products and customer relations
Industry:
Organizations with similar offerings
Organization:
Legal entity that consists of people who are sharing a common mission
Offering:
For-Profit Organization:
may be formed to conduct any number of lawful business activities. Establishing a for-profit organization allows a business owner to realize gains from the organization if the business becomes successful.
Non-Profit Organization:
formed for the common good of the public. Nonprofit organizations are usually formed for some specific religious, charitable or educational purpose.
core value:
The fundamental, passionate, and enduring principles of an organization that guide its conduct over time.
mission statement:
A clear, challenging, concise, meaningful, inspirational,
focused, and long-term picture of an envisioned future.

The mission statement is the leading planning phrase. It answers the question—”why does this company exist?”

goals/objectives:
Statements of an accomplishment of a task to be achieved, often by a specific time.
– Must be S.M.A.R.T.
(S)pecific
(M)easurable
(A)ttainable
(R)elevant
(T)ime-Based
marketing strategy:
A road map for the marketing activities of an organization for a specified future time period (such as one year or five years).
The BCG matrix analysis ( including how to calculate market share)
A technique that managers use to quantify performance measures and growth targets.
The diversification analysis
A technique that helps a firm search for growth opportunities from Current and new markets & Current and new products
The SWOT analysis
A situation analysis is conducted to assess the current business environment.
– Strengths
– Internal
– Weaknesses
– Opportunities
– External
– Threats
The goal of a SWOT analysis is to identify those strategic factors that can have a major effect on the firm.
The three phases of the strategic marketing process
1. Planning Phase
– SWOT Analysis
– Marketing program
– Set marketing and product goals
– Market-Product focus and Goal Setting
– Market-Product focus and Goal Setting
2. Implementation Phase
– Obtaining Resources
– Designing marketing organization
– Developing planning schedules
– Executing the marketing plan
3. Evaluation or Control Phase
– Strategy versus tactic.
– Measurable versus vague
– Actionable versus Contingent