Final Study Guide

Final Study Guide - Chapter 1 INTRO Marketing Exchange...

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Chapter 1 INTRO Marketing Exchange (p.8) Focused on EXCANGE: as the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. (for exchange to occur must be two or more parties with something of value to one another, a desire and ability to give up that something to the other party, and a way to communicate with each other.) *This definition of marketing focused on exchange as a central concept in marketing and the use of the basic marketing activities to create and sustain relationships with customers* Revised Definition of marketing: Marketing is 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. *This revised definition is viewed as being more reflective of the role of non-marketers to the marketing process. Micro Marketing Mass-Media Advertising/brand building Why are marketers decreasing their use of advertising in mass media? (p.6) Today’s marketers’ recognize that the rapidly changing media environment is making it increasingly difficult to reach their target audiences and communicate effectively with them. The mass media is losing their viewers, listeners, and readers to the highly fragmented but more narrowly targeted digital media that allow consumers to be more actively engaged in the communication process. More and more companies are using an integrated marketing communications approach to reach their target audience. These marketers still use traditional media to build awareness but also use online strategies; also use social media (myspace, youtube) direct marketing because of the rapid growth of the Internet and other new digital lifestyles and media consumption habits. CHAPTER 2 MARKETING Brand’s marketing position/image Positioning through marketing strategies. This means fitting the product or service to chosen segments of the market in such a way as to stand out from the competition. For example, sunglasses may be marketed to the fashion conscious, and eco-friendly products to those concerned with the environment. Positioning strategies (p.57) Positioning: The art and science off fitting the product or service to one or more segments of the market in such a way as to set it meaningfully apart from competition. Positioning strategies generally focus on either the consumer or the competition. Developing a Positioning Strategy 1. What position, if any, do we already have in the prospect’s mind? (This information must come from the marketplace and not the manager’s perceptions. ) 2. What positions do we want to own?
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3. What companies must be outgunned if we are to establish that position? 4.
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Final Study Guide - Chapter 1 INTRO Marketing Exchange...

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