final exam - MKTG 350 Final Exam Study Guide 50 multiple...

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MKTG 350 Final Exam Study Guide 50 multiple choice questions, 3 of 5 essays Chapter 1 Marketing – exh. 1.1 Marketing helps create value Marketing is about satisfying customer needs/wants Marketing entails an exchange Marketing requires product, price, place and promotion decisions Marketing can be performed by both individuals and organizations Marketing occurs in many settings Exchange- t he trade of things of value between the buyer and the seller so that each is better off as a result Marketing mix 1. Product Creating value Goods- items that you can physically touch Services- intangible customer benefits that are produced by people of machines (cannot be separated from the producer) Ideas- intellectual concepts (thoughts, opinions, and philosophies) 2. Price Capturing Value Not always a monetary price (ex. Money, Time, Energy Sellers must find out what price customers are willing to pay so that they are satisfied 3. Place Delivering value Represents all activity necessary to get the product to the right customer Supply chain management is key for efficiency 4. Promotion Communicating value Can enhance the value of a product Informs, persuades, and reminds buyers about a product Production, sales, marketing and value-based era Value Based Marketing Era o 1990-present o Firms give their customers greater value than the competitor o Firm must implement its strategy according to what its customers value o Firms must understand what customers view as key benefits and how to improve them
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Production-Oriented Era o Turn of the 20 th century o Believed that a good product would sell itself o Henry Ford “customers can have whatever color they want so long as its black” o Concerned with product innovation, not satisfying needs of consumers Sales-Oriented Era o Between 1920-1950 o WWII and Great depression conditioned customers to consume less and manufacture items themselves (Victory Gardens instead of buying produce) o Firms became dependant on heavy doses of personal selling and advertising Market-Oriented Era o 1950-1990 o Customer became king (consumers had choices) o Manufacturers began focusing on what consumers wanted and needed o Firms truly discovered marketing in this era o Most successful firms today are market-oriented Chapter 2 4 strategies for building a sustainable competitive advantage 1. Customer Excellence o Focuses on retaining customer loyalty and excellence customer service 2. Operational Excellence o Achieved through efficient operations and excellent supply chain and HR management 3. Product Excellence o Having products with high perceived value and effective branding and positioning 4. Locational Excellence o Having a good physical location and internet presence SWOT Internal: Strengths and Weaknesses External: Opportunities and Threats Segmentation- Take a large heterogeneous market and break It down into smaller homogeneous subsets Positioning- the place a product occupies in the mind of the consumer *Worsham Def*
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