Marketing_Final_StudyGuide

Marketing_Final_StudyGuide - Marketing Final Exam Study...

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Marketing Final Exam – Study Guide 1. Market Concept – Includes What? Marketing Concept is an organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value. Goods & Services that fulfill needs and wants of consumers. Important to recognize difference between needs and wants. 2. What is “Mixed Economy”? List the Elements. (Post-Futile) “Monopoly” - Single provider of good or service! “Control over markets” , Very tough barriers to entry. If company has high quality and lower prices, the company survives. Reduced quality leads to market openings. → Self-regulation (competition) “Oligopoly” - Few companies control market Share. Alexander Baines is the father of Oligopoly. His idea is that “7” or fewer controlling 70% or more constitutes “oligopolistic control”. Undue influence. “Pure competition” - lacks control, no barriers to entry. 3. Ethics → Direct to Model (Limits within Ethics & Definition) Ethics are a system of moral principles and values, as well as moral duties or obligations. Social responsibility is concern for how a person's actions might affect the interest of others. Limits: Social responsibility isn't free. Costs are associated. Business passes theses costs on to consumers. Resistance to social responsibility. Higher pressure costs passed to consumers. Profitability vs. Responsibility. Institutional Ethics (Corp. Culture) → Personal Morality (Very Different between two) 4. Economy of Scale → Understand concept/term. Economies of scale, in microeconomics, are the cost advantages that a business obtains due to expansion. They are factors that cause a producer’s average cost per unit to fall as scale is increased. Economies of scale is a long run concept and refers to reductions in unit cost as the size of a facility, or scale, increases. The decrease in the long-term total cost of manufacturing a product due to the lower cost per unit for larger quantities produced. 5. Macro-marketing & Micro-marketing → Understanding difference. Macro-environment – includes those forces close to a company, yet outside its internal environment, that influence the ability of a business to serve its customers. Microenvironment comprises entities such as customers, suppliers, competitors, and other businesses that assist or influence a businesses ability to sell, distribute, promote, and develop products and services. Micro-environment – includes societal forces that are essentially uncontrollable and influence the microenvironment of a business. (Economic, social and cultural, competitive, legal, political, and technological) → Marketing to individuals or small groups.
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6. Understand “Positioning”. Have firm understanding.
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