BUSI 520 - Notes - QUIZ 1

BUSI 520 - Notes - QUIZ 1 - BUSI 520 MARKETING QUIZ 1...

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BUSI 520 – MARKETING QUIZ 1 CHAPTER 1 THE VALUE OF MARKETING 3 o MARKETING DECISION MAKING o WINNING MARKETING 4 THE SCOPE OF MARKETING 5 o WHAT IS MARKETING Marketing definition Marketing management o WHAT IS MARKETED Goods , services, events, experiences, persons, places, properties, organizations, information, ideas o WHO MARKETS 7 Marketer, prospect Eight demand states are possible: Negative demand Nonexistent demand Latent demand Declining demand Irregular demand Full demand Overfull demand Unwholesome demand Markets market Key customer markets Consumer markets Business markets Global markets Nonprofit and governmental markets CORE MARKETING CONCEPTS 9 o NEEDS, WANTS, AND DEMANDS Five types of needs: Stated needs Real needs Unstated needs Delight needs Secret needs To gain an edge, companies must help customers learn what they want o TARGET MARKETS, POSITIONING, AND SEGMENTATION Marketers identify distinct segments of buyers by identifying demographic, psychographic and behavioral differences between them. Target markets, market offering, positions o OFFERINGS AND BRANDS 10 Value proposition, offering , brand
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o MARKETING CHANNELS Communication channels, distribution channels, service channels o PAID, OWNED AND EARNED MEDIA Paid media, owned media, earned media o IMPRESSIONS AND ENGAGEMENT screens o VALUE AND SATISFACTION 11 Customer value triad o SUPPLY CHAIN o COMPETITION 12 o MARKETING ENVIRONMENT o Task environment o Broad environment o Six components: demographic, economic, social-cultural, natural, technological, and political-legal THE NEW MARKETING REALITIES 13 o TECHNOLOGY o GLOBALIZATION14 o SOCIAL RESPONSIBILITY A DRAMATICALLY CHANGED MARKETPLACE 16 o NEW CONSUMER CAPABILITIES Consumers can use the internet as a powerful information and purchasing aid Consumers can search, communicate and purchase on the move Consumers can tap into social media to share opinions and express loyalty Consumers can actively interact with companies Consumers can reject marketing they find inappropriate o NEW COMPANY CAPABILITIES 17 Companies can use the internet as a powerful information and sales channel, including for individually differentiated goods. Companies can collect fuller and richer information about markets, customers, prospects, and competitors Companies can reach consumers quickly and efficiently via social media and mobile marketing, sending targeted ads, coupons, and information Companies can improve purchasing, recruiting, training and internal and external communications Companies can improve their cost efficiency o CHANGING CHANNELS 19 Retail transformation Disintermediation reintermediation o HEIGHTENED COMPETITION Private labels Mega-brands Deregulation privatization
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MARKETING IN PRACTICE o MARKETING BALANCE o MARKETING ACCOUNTABILITY 20 o
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