3336 Quiz 1 Review - Quiz #1 Marketing 3336 Chapter 1...

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Quiz #1 Marketing 3336 Chapter 1 (Changes in Marketing) CHANGES IN MARKETING o Marketing definitions o Mass markets are breaking up o Adapting to change o Changes affecting marketing MARKETING DEFINITIONS o Marketing - Negotiated exchange between buyers and sellers that satisfies wants and needs for both parties o Markets - Groups of buyers with the ability to buy and the willingness to buy o Marketing Mix Target markets Niche markets Growth markets MARKETING MIX o Controllable marketing decision areas Product/Service Pricing Distribution Promotion MASS MARKETS ARE BREAKING UP o Demographic diversity o Social/cultural changes o Technology explosion ADAPTING TO CHANGE o Maximizing opportunities o Minimizing threats o Use creativity and innovation o Address changing needs of customers and competitors CHANGES AFFECTING MARKETING o New Information o New Business Models o New Technologies NEW INFORMATION o Consumer Data Bases o Supply Chain Information o Internet Information NEW BUSINESS MODELS o No-frill apps models o Freemium business models o Social media models
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SOCIAL MEDIA MODELS o Facebook o Twitter o LinkedIn o YouTube NEW TECHNOLOGIES o Energy Technology o Nanotechnology o Cloud Computing o New Digital Technology ENERGY TECHNOLOGY EXAMPLES o Space-based solar power o Battery storage o Shale Gas NANOTECH EXAMPLES o Cancer treatments o Nano computer o Purified drinking water CLOUD COMPUTING EXAMPLES o Rackspace o Saleforce.com o IBM Chapter 2 (Markets) DEFINITION OF MARKETS o Buyers o Ability to Buy o Willingness to Buy BUYERS o Consumer Markets o Business Markets CHARACTERISTICS OF MARKETS o Consumer Business o Many buyers Few buyers o Small purchases Large purchases o Direct demand Derived demand ABILITY TO BUY o Income o Credit/Debit o Bartering CONSUMER INCOME o Gross Income – Total income before any deductions o Disposable Income – Total income minus taxes o Discretionary Income – Total income minus taxes and basic needs
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U.S. RETAIL SALES BY PAYMENT o Has gone from cash payment to credit/debit cards AVERAGE CREDIT CARD DEBT (per U.S. Household) o ~ $10,600 CREDIT/DEBIT PROBLEM o Student Loans o NINJA Loans o Overdraft Fees BARTERING o Negotiated exchange of products and services for other products or services instead of cash or credit BARTERING PARTNERS o Consumer – to – consumer o Business – to – consumer o Business – to – business BARTERING EXAMPLES o Tutoring for mowing yard o Consulting services for laptop o Radio ads for Astros tickets WILLINGNESS TO BUY o Consumer Spending o U.S. Beverage Market o U.S. Favorite Sport CONSUMER SPENDING o Category Examples o Durable Goods Furniture, TV o Nondurable Goods Food, Beer o Services Travel, Education U.S. CONSUMER EXPENDITURES (Size) o Durable Goods -> Nondurable Goods -> Services CONSUMER MARKET SEGMENTS o Geographic o Demographic o Cultural/Racial
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3336 Quiz 1 Review - Quiz #1 Marketing 3336 Chapter 1...

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