mktg study guide 1

mktg study guide 1 - MKTG 3104 Dr Coupey Spring 2007 Exam 1...

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MKTG 3104 Dr. Coupey Spring 2007 Exam 1 Notes Save Karyn  - $20,000 in debt Total Money Received From Nice People: $13,323.08 (due to some great marketing) Marketing  is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Marketing focuses on discovering and satisfying consumer needs. “Marketing” is  NOT  synonymous with “sales” or “advertising” Need Want Feeling deprived of  basic necessity  (e.g., food) Internal A need  shaped  by knowledge, culture, and personality Acquired Needs and wants motivate the  desire  to consume. Market  - set of people (potential consumers) with a  desire + abilit y to buy a specific product Controllable Factors (4 Ps) Uncontrollable Forces 1. Product 2. Price 3. Promotion 4. Place Social Economic Technological Competitive Regulatory Marketing program  – plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers Marketing management  - the  art and science  of choosing target markets and building profitable relationships with them Marketing orientation  – focusing organizational efforts to collect and use information about customers’ needs to create customer value Social marketing concept  – view that organizations should satisfy the needs of consumers in a way that provides for  society’s well-being Ultimate consumers  – people who use the goods/services purchased for a household
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Organizational buyers  – manufacturers, wholesalers, retailers, and government agencies that buy goods/services for  their own use  or  for resale Page 1 of 4 MKTG 3104 Dr. Coupey Spring 2007 Utility  – benefits or customer value received by users of the product 1. Form (production of the good) 2. Place (available where consumers need it) 3. Time (available when needed) 4. Possession (value of making the item easy to buy through credit cards, etc) Profit  – reward to a business firm for the risk it undertakes in offering a product for sale Strategic business units (SBU)  – a group of different businesses/segments Market share  – ratio of a firm’s sales to the total sales of all firms in the industry Competencies  – an organization’s  special capabilities , including skills, technologies, and resources that distinguish it from other organizations Business Portfolio Analysis  – Boston Consulting Group’s (BCG) 
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This note was uploaded on 04/13/2008 for the course MKTG 3104 taught by Professor Ebcoupey during the Fall '08 term at Virginia Tech.

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mktg study guide 1 - MKTG 3104 Dr Coupey Spring 2007 Exam 1...

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