Study guide.docx - Overview of Marketing Ch 1 This module...

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Overview of Marketing Ch. 1 This module introduces some key concepts such as Exchange- People giving up something to receive something else they would rather have. Marketing- the activity set of institutions and processes for creating communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large customer value- Relationship between benefits and the sacrifice needed to obtain those benefits. “what is worth it to the customer in exchange for a sacrifice?” customer satisfaction -Meet expectation and needs of consumer relationship marketing- establish and keep relationship with current customers. You need to understand the differences between the four marketing management philosophies. o Sales market (focused on sales) , production market, societal, market( tailored to customer satisfaction) Understand and know what the four P’s of marketing are. Product, Price, Promotion, Place Strategic Planning and the Environment Ch. 2 & 4 You need to understand the purpose of strategic planning. Purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them. What are the organizations main activity at a time? How will it reach its goals? Long term strategies that affects long term goals. You need to understand the purpose of writing a marketing plan: “Where are we? Where do we want to go? “where are we going and how do we get there?” How do we know we got where we wanted?” EX: a marketing plan might have a strategy to increase the organization's market share by ten percent. know the elements of the marketing plan: Mission statement, SWOT Analysis, Objective, Marketing strategy (Target Market strategy & Marketing Mix (Product, place, price and promotion) & Implement evaluation control. know what a good mission statement and a good objective would look like. Mission Statement : should Address What business we should be in?, Should focus on market or markets the company will serve and benefits that will be offered. Needs to be just right not too broad (no guidance) or too narrow (Marketing myopia) Ex: “The mission of Allensburg’s Food and Gas is to offer commuters on Highway 310 competitive gas prices and great food. The company will make a healthy profit for its owners and provide a rewarding work environment for its employees.” Good Objective: Objective gives direction for the strategic plan and provide a yardstick for follow up. Is to clearly show what steps or actions will be taken to achieve the plan goals “Where are we? Where do we want to go? o Should be realistic o Measurable
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o Time specific o Compared to a benchmark You need to understand marketing myopia and be able to identify examples of this phenomenon.
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