Marketing Study Guide

Marketing Study Guide - Marketing Why Study Marketing? 1....

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Marketing Why Study Marketing? 1. Marketing permeates society 2. 25% - 30% of jobs are related to Marketing Marketing - an organizational function and a set of processes for creating, communicating, and delivering value to consumers and for managing consumer relationships in ways that benefit the organization and its stakeholders. Marketing Concept - the way of thinking or organizing that says all elements of business are oriented toward consumer/customer satisfaction at a long term profit. Marketing Mix - Marketing manager’s controllable factors Combination of the 4 P’s - Product - Price - Promotion - Place Marketing Strategy - the means by which a marketing goal is to be achieved, usually characterized by a specific target market and a marketing program to reach it. 1. Define the target market 2. Develop a marketing mix to satisfy a target Goals or Objectives - convert the mission into target levels and performance to be achieved, often by a specific time - What Goals Will Do For You- 1. Goals will serve as a reference point 2. Goals will give you a sense of purpose 3. Goals will serve as motivation 4. Goals will help you make decisions Ethics - are the moral principles and values that govern the actions and decisions of an individual or group. They serve as guidelines on how to act rightly and justly when faced with moral dilemmas. Marketing Environment - (trends are identified by an environmental scan) [ Diversity, Gender Roles] -Environmental Forces- 1. Social 2. Economic 3. Technological 4. Competitive 5. Regulatory
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Marketing Information System - arrangements to tap the flow of information that influences marketing management. -3 components of Marketing Info. System-
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Marketing Study Guide - Marketing Why Study Marketing? 1....

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