Marketing 300 Final Exam Review

Marketing 300 Final Exam Review - Marketing 300 Final Exam...

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Marketing 300 Final Exam Review Ch. 1 Marketing mix- four marketing activities—price, product, distribution, and promotion— that a firm can control to meet the needs of the customers within a target market Marketing planning- The process of creating, distributing, promoting, and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment. They identify consumer needs and then provide products that satisfy those needs. Choose target market—position product— Ch.2 Strategic planning- is the managerial decision process that matches the organization’s resources and capabilities to its market opportunities for long term growth. Steps: Define the org.’s mission Evaluate internal/external environments SWOT Set SBU objectives- customer satisfaction, profitability Establish the business portfolio Growth strategies- Market penetration-Getting current customers to buy more ex.- coupons, subsidy Market development- Keep same products, find new customers ex.- geographically. Reach men in addition to women by coming up with a new product line. Product development- Find new products for our existing customers ex.- expanding product line (coke, cherry coke, diet coke) Diversification- New product for a new market ex.- Nike—shoes, golf, clothes Ch. 3 Market entry strategies- Domestic strategy Exporting strategy Contractual agreements -licensing -franchising Strategic alliances Direct investment Marketing/Business ethics- ethics are rules of conduct
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Business ethics are basic values that guide a firm’s behavior Ethics in the marketing mix- Making a product safe Pricing the product fairly Promoting Puffery vs. deceptive advertising Ch. 4 Steps in the marketing research process: Define the problem Determine the design Choose the data collection method Design the sample Collect the data
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Marketing 300 Final Exam Review - Marketing 300 Final Exam...

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