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MKt Final Exam Study Guide

MKt Final Exam Study Guide - Final Exam for Principles Fall...

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Final Exam for Principles Fall 08 What it will cover: I have decided to specify exactly what from the first half of the course might be on the final exam. See following paragraph: Definition of marketing - marketing is the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and the society at large. Conditions necessary for marketing to occur - Two or more parties with unsatisfied needs - Desire and ability to satisfy those needs - A way for the parties to Communicate - Something to exchange Disposable versus discretionary income - Disposable income - money the consumer has left after paying taxes to use for food, shelter, clothing and transportation - Discretionary income - the money left after the buying the necessities (disposable), used for luxury items USP/competitive advantage/competitive edge - Key difference between what your product offers consumers compared to another usually based on quality, time, cost or innovation Environmental scan components with ability to give examples - Environmental Scanning o Economic - How the economy is in different parts of the world, macroeconomic conditions, consumer income shift to a global economy and the growing importance of China and India Baby boomers start spending retirement funds Online communities developing their own economies o Social - Cultural trends, demographic shifts Expanding use of social networks, web services Increased mobility and diversity in population Green garbage o Technology - different ways to communicate Advances in biometrics, security Demand for portable renewable power sources o Competitive - alternative forms of competition
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Development of competitive intelligence departments New metrics for assessment increase performance o Regulatory - Laws and regulations (affecting marketing mix actions) Increasing legislation requiring digital storage of corporate records Greater concern for privacy and personal info collection o **Climate and Geography Target market description (demographic/psychographic) - Demographics- age, income, gender, ethnicity, education - Psychographics- descriptions of lifestyle, values Consumer decision making process (the consumer search exercise and perceived risk analysis handout is a huge help to you here) - Consumer Purchase decision process o Problem Recognition - the initial step in the purchase decision, finding a difference between a person’s ideal AND actual situations big enough to a trigger a decision (ex. Finding empty carton of milk in the fridge) o Informational Search - being a search for information Internal- scan your memory for previous experiences with certain products and brands External- needed when past experience is insufficient, the risk of making the wrong purchase decision is high and the cost of gathering info is low (ex. Personal- friends, family, public- consumer reports or internet, marketer dominated- ads, company
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MKt Final Exam Study Guide - Final Exam for Principles Fall...

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