Marketing 3000 Test 1 Study Guide-1

Marketing 3000 Test 1 Study Guide-1 - What to most people...

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What to most people when they think of marketing? -ads, commercials, brands, selling. Has a NEGATIVE connotation Marketing is… -The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. Marketing is the study of… -exchange. It’s bread. An exchange needs: -2 or more parties What is marketing NOT -it’s not business. Marketing can be people or political ideas. Terrorism was marketing, they got a desired reaction. How old is marketing -it’s relatively new (businesses can cow make more than they can sell. Need to persuade). Marketing’s first task: -discovering consumer needs. When was the birth of “marketing” -1950s. What should you do before producing something:
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-see if there’s a sufficient need. It’s easier to sell something ppl want (swim downstream). -ex: selling spigetti in mexico. Nobody wants it. You can passion but not a marketing concept. It will fail b/c there’s no need. Marketing’s second task: -satisfying consumer needs. -it’s done by creating an offering (which is in the 4ps) Flow chart thing: -1. Discover consumer needs, 2. Satisfy consumer needs and find the right combo of product price promotion place, 3. Goods services, ideas 4. Potential consumers: the market 5. Info about needs 6. Back to discover needs. (a full circle effect) Importance of place/examples -restaurants for them to be close. People won’t drive a long distance for taco bell. -poor only buys desani water if its from a vending machine importance of price -it can inhibit purchasing. -can also make the sale (fast food dollar menu) -it’s important at a place like walmart importance of promotion -consumer needs to know about product. Ex: not much difference between soft drinks and mayo -Ex: ipod > zune b/c it’s defined by the market, not necessarily reality. -it’s been proven that ppl can’t tell the difference between orange juices. Importance of product -it’s the most important. It precedes the others.
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What is the most brand loyal product? -mayo There are four benefits: -functional, social, personal, experiential functional -(this class) learn about marketing, get course credit. -car is functional, paper towels, pencil, microwave Social -(this class) meet friends, business partner, ect. -phone, facebook, beer, a tie, clothes, games Personal -feel good about yourself -makeup, exercise, volunteering, massage, tanning, grad college experiential -have fun, enjoy learning -traveling, movies, amusement parks, music, sport events, Truman the tiger what has all four benefits? -education Four costs:
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-monetary, temporal, psychological, behavioral monetary -tuition, book fees temporal -time spent in class/studying -ex: going to a restaurant, assembling something, online shopping vs stores, pets, pickup vs pizza delivery, house painting psychological -stress studying for exams and listening to instructor -scary movie, kardashians, buying a car or house
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Marketing 3000 Test 1 Study Guide-1 - What to most people...

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