Exam 1 Review Sheet At Home.docx

Exam 1 Review Sheet At Home.docx - Exam 1 Review Sheet(Ch 1...

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Exam 1 Review Sheet (Ch. 1, 2, 3, 4, 5, 7, 8) Principles of Marketing – Professor Hao Chapter 1: Creating Customer Relationship and Value through Marketing What is Marketing, necessary conditions for Marketing to occur (pp. 6-7) Understanding Market, Consumer needs and wants, Customer value and utility (pp. 10-12, pp.19) Factors that influences Marketing activities (pp.11) o Controllable and uncontrollable factors 1. What is marketing ? Provide a short, one-sentence definition . Marketing seeks to discover the needs and wants of the consumers, and satisfy them. The key to achieving these objectives is through: Exchange (the trade of things of value b/t buyer and seller so that each is better off. Market is a group of people with both desire and abilit y to buy a specific product Target market is one or more specific groups of potential customers toward which an organization directs its marketing program. Each group of people with similar needs. 2. What are the four requirements for marketing to occur ? Be specific a. Two or more parties with unsatisfied needs b. Desire and ability to satisfy those needs c. A way for the Parties to communicate d. Something to exchange 3. Customer Value: Benefits – Cost The unique combination of benefits received by targeted buyers that include quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. 4. What are the four ways that marketing creates utility ? List and explain with an example a. Form : Enhancing the marketability of a product by changing its physical characteristic s
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b. Place : Making it easy for customers to shop whenever they want and then have their purchases delivered to them c. Time : Enhancing a product's marketability by making it available at a convenient time . (ex. 24h open restaurant) d. Possession : Additional consumer value created by allowing easy transferring of a product's ownership (ex. Credit card) 5. What are the four elements of the Marketing Mix ? List and provide a short example a. P roduct A good, service, or idea to satisfy the consumer’s needs b. P rice What is exchanged for the product c. P romotion A means of communication between the seller and buyer d. P lace A means of getting the product to the consumer e.
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Chapter 2: Developing Successful Marketing and Organizational Strategies Organization o Type, structure, core values, mission, objective (pp. 26-33) Organization strategies o Factors involved to know the current status (pp.34-35) Analytical tools to aid setting growth strategies (pp.35-39) o Business portfolio analysis (BCG matrix), Diversification analysis Planning phase of strategic marketing process(pp.39-42) o 3 steps, Situation analysis (SWOT), Marketing mix elements Implementation and evaluation phase of Strategic marketing process (pp.43-45) 1. What are two frameworks to aid an organization in answering “Where do we want to go?” Name the frameworks and label the axis and cells a. Name of Framework:_Business Portfolio Analaysis—BCG matrix ____________ b. Name of Framework:_____ Diversification Analysis ____
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