H ADM 241 P1Rvw

H ADM 241 P1Rvw - FH ADM 241 Marketing Principles Prelim 1...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
FH ADM 241: Marketing Principles Prelim 1 Review (Chapters 1-4) 1) Definition of Marketing (ch 1) a) The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationship with customers in a dynamic environment b) AMA “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” 2) What is a Target market (examples of a target group) a) A specific group of customers on whom a organization focuses its marketing efforts b) May define a target market as a vast number of people or relatively small group c) Rolls-Royce. Small, exclusive market. Wealthy people who want the ultimate in prestige in an automobile. d) Nike. Target multiple markets, with different products, promotion, prices, and distribution systems for each one. Markets different types of shoes and apparel to meet specific needs of cross-trainers, rock climbers, basketball players, aerobics enthusiasts, and other athletic-shoe buyers. 3) What is the marketing mix (identify examples of each component of the mix) a) Four marketing activities (product, distribution, promotion, pricing) that a firm can control to meet the needs of customers within its target markets i) Product – a good, a service, or an idea (1) Good – Toyota Scion, iPod, Duracell battery, puppy for adoption (2) Service – air travel, dry cleaning, hair cutting, banking, insurance, medical care, day care (3) Idea – marriage counselor, for a fee, gives spouses ideas to help improve their relationship; ideas of political parties, churches, and schools ii) Distribution – to satisfy customers, products must be available at the right time and in convenient locations; products make available in quantities desired to as many target market customers as possible (1) Internet, mail, FedEx iii) Promotion – relates to activities used to inform individuals or groups about the organization and its products; 1) aims to increase public awareness of the organization and of new or existing products; 2) can also educate customers about product features or urge people to take particular stance on a political or social issue, such as smoking or drug abuse; 3) can also help sustain interesting established products that have been there for decades; 4) using Internet and Web to communicate (1) Procter & Gamble using NASCAR driver Tony Stewarts to convey the masculinity and endurance of its Old Spice Red Zone antiperspirant (2) Rising natural gas and gasoline prices prompted U.S. Energy Dept. to launch an advertising campaign featuring an Energy Hog mascot to urge the public to conserve energy, especially with regard to home heating. Also used booklets, temporary tattoos, two websites (adults and children) (4) Ragu’s web page (Italian phrases, recipes, sweepstakes); Southwest Airlines’ (enables
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/13/2008 for the course H ADM 243 taught by Professor Rkwortnik during the Spring '06 term at Cornell.

Page1 / 6

H ADM 241 P1Rvw - FH ADM 241 Marketing Principles Prelim 1...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online