MKT 350 Final Exam Review

MKT 350 Final Exam Review - I. Marketing Definition A....

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I. Marketing Definition A. Marketing Concept—satisfy customer needs through coordinated activities to achieve goals 1. Production Orientation 2. Sales Orientation 3. Marketing Orientation—focus on customer needs, internal restruction B. Evolution II. Strategic Planning—establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and marketing plan A. Components of Strategic Plan 1. SWOT a. Internal—Strengths (competitive adv. Or core competency), Weaknesses (limitations on competitive capability) b. External—Opportunities (favorable conditions in environment), Threats (conditions or barriers to reaching objectives) 2. Organizational Mission/Goals 3. Corporate and business-unit strategies a. Marketing, Production, Finance, Human Resources III. Business Unit Strategy—determine future direction—develop strategy A. Strategic Business Unit (SBU) 1. Division, product line, profit center within parent organization 2. Sells distinct set of products IV. BCG A. Star—fast grow, high share B. Cash Cow—low grow, low share C. Dogs—low grow, low share D. Question Mark—fast grow, low share V. Marketing Strategy A. Target Market B. Four P’s VI. Organizing Marketing Activities depends on: A. Number and diversity of products
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B. Needs and characteristics of target market C. Identify the appropriate targeting strategy 1. Targeting Strategies a. Undifferentiated Strategy (homogeneous) i. Entire market is target market ii. One marketing mix b. Concentrated Strategy i. Targets on market segment ii. One marketing mix c. Differentiated Strategy i. Targets two or more market segments ii. Marketing mix for EACH segment 2. Shit a. Market Segmentation i. Dividing total markets into groups ii. Based on similar product needs iii. Design marketing mix to match segment needs b. Market Segment i. Subsets with similar characteristics ii. Have similar product needs iii. Respond similarly to mix VII. Problem Solving Process A. Routinized Response Behavior 1. Frequently purchased, low-cost products—require little search and decide effort B. Limited Problem Solving 1. Occasionally purchased, or need info on unfamiliar brand of similar product C. Extended Problem Solving 1. Unfamiliar, expensive, or infrequently bought products VIII. Consumer Buying Decision Process
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A. Problem Recognition 1. Buyer aware of difference between state that could be and actual condition(can happen rapid or slowly) B. Information Search 1. Internal Search—buyers search their memories 2. External Search—buyers seek information from outside sources 3. Yields consideration set? C. Evaluation of Alternatives 1. Consideration Set—brands that buyer views as alternatives 2. Evaluation Criteria—objective/subjective considerations important to buyer 3. Framing—describing important aspects (easy to remember) D. Purchase 1. Choosing product/brand to buy based on evaluation stage 2. Choice of seller may affect final product selection
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MKT 350 Final Exam Review - I. Marketing Definition A....

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