Exam_2_Review_SP2010

Exam_2_Review_SP2010 - IEE 220 Engineering and Business...

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IEE 220 Engineering and Business Chapter 13: Marketing
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Chapter 13 2 Marketing What four elements comprise marketing ? Product Development Product Pricing Product Promotion Product Distribution What is the goal of marketing ? To generate sales
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Chapter 13 3 Marketing Utility What is Utility in terms of Marketing ? The ability of a product or service to satisfy customer needs How does marketing increase utility ? Teaches customers about product features Makes products available when/where customers need them
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Chapter 13 4 Types of Goods/Services Goods/services fall into two marketing categories Utilitarian Products that satisfy more basic needs are utilitarian Hedonic Products that appeal to a customers desires but are not needed are hedonic
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Chapter 13 5 Marketing Concepts Marketing Strategy An overall plan for marketing Market Segments Groups of consumers with similar needs Markets can be broken down into two types Consumer Industrial
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Chapter 13 6 Marketing Terms Target market Market niche A small, unique market segment Demographics
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Chapter 13 7 Marketing Mix Product Goods or services Pricing Distribution Transportation, storage, and stores Promotion Existence, benefits, where to purchase
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Chapter 13 8 Target Market Approaches Total market Market segmentation Concentration Marketing to distinct customer group Multi-segment marketing to two or more groups with unique marketing mixes
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Chapter 13 9 Buying Decision Behavior In terms of marketing, buyers make buying decisions that are either Routine Gum, milk, sugar, etc. Limited Paint, computers, doctors, etc. Extensive Houses, cars, vacations, etc.
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Chapter 13 10 Organizational Buying Behavior How do industrial customers and individual consumer differ ? Transactions size Industrial purchases can be very large Important considerations Industrial purchases rely on specification Individual purchases rely more on emotion
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Business Plans
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Business Plans 12 Sections of a Business Plan Executive summary Product / service descriptions Market analysis Industry analysis Competitive analysis Marketing strategy Operating plans Management team Financial pro formas
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Business Plans 13 Section 1: Executive Summary Tells potential investors what the business is what is in it for them Short, sweet, and to the point Summarize the information that follows 2 pages or less
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Business Plans 14 Executive Summary What should be covered Management team Investment opportunity Progress to date Expected profitability Exit strategy for investors
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Business Plans 15 Section 2: Product/Service Descriptions What the business will offer Pricing Lead times and life cycle How product is used Product construction Substitutes available
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Exam_2_Review_SP2010 - IEE 220 Engineering and Business...

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