Intro Marketing Exam 1 review

Intro Marketing Exam 1 review - EXAM#1 REVIEW Questions...

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EXAM #1 REVIEW
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Questions regarding simulation? Decisions due today at 5:00pm!
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Questions regarding marketing research survey participation?
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The format of my exams 40 multiple choice, 2 short answer Bring a #2 pencil and NU ID# for Scantron! Only material covered in class is on exams… …but the book is your friend! Intro. classes have lots of memorization involved… …but my exams are very applied
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The firm’s environment Microenvironment: parts of the firm itself; employees, HR, distributers, technology…. Macroenvironment: the larger global environment in which a firm exists
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How legislation impacts marketing… …you do not need to know exactly how! Just remember that it does, and that is part of the macroenvironment (specifically, the political environment) In other words, remember that marketers need to be aware of the laws that impact their activities
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Company-wide strategic planning When marketing managers lay out strategy for the organization as a whole Mission Set objectives and goals Design business portfolio Develop growth strategies Corporate level Business unit, product, or market level Evaluate the environment
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Company-wide strategic planning Why engage in strategic planning? Because without it, no one would be organized Accountants would not be aligned with legal would not be aligned with creative would not be aligned with upper management, etc. Because without it, marketers would just be trying random things hoping they stick, without any real research behind their efforts Someone needs to look at the environment, and define the company’s place in it Because without it, no one would know how to create profitable growth (or, no one would be keeping an eye on where profitable growth is happening within the company)
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Step 1: Defining the mission Mission statement acts as the invisible hand for the organization States the broad goals/purpose/dreams of the organization Good mission statements are market-oriented: they keep the consumer in mind Good mission statements include the experience
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