MidtermStudyGuide (2)

MidtermStudyGuide (2) - MID TERM Study Guide You should...

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MID TERM Study Guide You should utilize all of your notes and handouts from class in studying for the exam. Chapter 1 – The following should overlap with your notes from class so utilize it as additional review, material for examples, etc.: define marketing (utilize the book definition) and identify the requirements for marketing to occur; distinguish between marketing mix elements and environmental factors, explain how marketing creates utility for customers. - Marketing- is the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and the society at large. o Or getting the right product or service to the right customer at the right place, price, and time. - Requirements for marketing to occur o Two or more parties with unsatisfied needs o Desire and ability to satisfy those needs o A way for the parties to Communicate o Something to exchange - The Four P’s o Product - a good or service to satisfy the consumers wants o Price - what is exchanged for the product o Promotion - A means of communicating between the seller and buyer o Place - a means of getting the product to the consumer - These four P’s are elements of the Marketing Mix- the marketing managers controllable factors (price, product, promotion, place) that can be used to solve a marketing problem - The Uncontrollable, Environmental Forces- beyond the marketing managers control o Social o Economic o Technological o Competitive o Regulatory - How does Marketing create Utility o Shows them what to expect in a product or service
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o Utility- the subjective benefit or satisfaction a person expects from a choice or course of action o Four types of Utilities Form Utility- to provide the right product to consumers Place Utility- where Time Utility- when Possession Utility- so they can ultimately use or consume it Chapter 2 – just understand what is meant by stakeholders, competitive advantage. Do not worry about the organizational levels and strategic direction, strategic marketing process material as we cover this a bit later in the semester. - Stakeholders - anyone who has an interest in how a company is operating, those who are effected by what the company does and how it performs o Includes: Employees, shareholders, board members Suppliers, distributors Creditors, unions, government Local communities and customers. - Competitive Advantage - a unique strength relative to competitors, usually based on quality, time, cost or innovation o Competency - special capabilities including skills, technology and resources that distinguish one organization from another o Firms also try to improve quality through benchmarking - discovering the best practices of organizations in its own and other industries then imitating them to get a heads up on its competitors Chapter 3 – Environmental Scanning - Be familiar with the trends in today’s environment, know how the population is shifting, know what is occurring with racial
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MidtermStudyGuide (2) - MID TERM Study Guide You should...

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