Exam_2_Review_SP2010

Exam_2_Review_SP2010 - IEE 220 Engineering and Business...

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Click to edit Master subtitle style Chapter 13 IEE 220 Engineering and Business Chapter 13: Marketing
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Chapter 13 22 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 33 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 44 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 55 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 66 Marketing Terms Target market Market niche A small, unique market segment Demographics
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Chapter 13 77 Marketing Mix Product Goods or services Pricing Distribution Transportation, storage, and stores Promotion Existence, benefits, where to purchase
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Chapter 13 88 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 99 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 1010 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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Click to edit Master subtitle style Chapter 13 Business Plans
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Chapter 13 Business Plans 1212 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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Chapter 13 Business Plans 1313 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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Chapter 13 Business Plans 1414 Executive Summary What should be covered Management team Investment opportunity Progress to date Expected profitability Exit strategy for investors
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Exam_2_Review_SP2010 - IEE 220 Engineering and Business...

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