{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

MKTG Exam 1 Review

MKTG Exam 1 Review - MKTG 2800 Exam No 1 Review Sheet...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
MKTG 2800 Exam No. 1 Review Sheet Please read all Chapters assigned for context and review lecture highlights and notes and know the following concepts/terms and be able to apply them as needed. The exam is T/F and MC. Note: Keep this sheet to review for the Final Exam. (From Ch. 1, 2, 3, 4, 5, 7, 8, 9, and 10) Value – how to increase it, how to define it, and how to apply it -Value is the ratio of perceived benefits to or Value= perceived benefits/price Define a “market” (pg 13) - People with both the desire and the ability to buy a specific product 4Ps ( elements of the marketing mix-the marketing manager’s controllable factors that can be used to solve a marketing problem) (pg 14) Product - A good, service, or idea to satisfy the consumer’s needs Price - What is exchanged for the product Promotion - A means of communication between the seller and buyer Place - A means of getting the product into the consumer’s hands Understanding customer wants and needs (pg 10-12) - A need occurs when a person feels deprived of basic necessities such as food, clothing and shelter -A want is a need that is shaped by a person’s knowledge, culture and personality Definitions of marketing (pg 8) -American Marketing Association definition- Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
-Marketing seeks to (1) to discover the needs and wants of prospective customers and (2) to satisfy them. Mission statement (pg 33) -A mission statement is a statement of the organization’s scope, often identifying its customers, markets, products, technology, and values. (more specific) -A clear word picture that speaks to the future in an inspirational way. Environmental trends (pgs 72-90) - Social Forces : include the demographic characteristics of the population and its values. Changes in this can have a major impact on marketing strategy - Economic Forces : pertains to the income, expenditures, and resources that affect the cost of running a business and household; two aspects of economic forces macroeconomic and microeconomic views - Technological Forces : Refers to inventions or innovations from applied science or engineering research - Competitive Forces: Refers to the alternative firms that could provide a product to satisfy a specific market’s needs Forms of competition (monopoly, oligopoly, monopolistic competition, pure competition) (pgs 85-86) - Pure Competition :
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}