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Midterm Study Guide 635 - MARKETING 635 MIDTERM STUDY GUIDE...

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MARKETING 635 MIDTERM STUDY GUIDE The Art of War Sun Tzu’s central idea is that battles or competitions are won by those who have the greatest competitive advantage and make the fewest mistakes. Sun Tzu’s Principles: 1. Learn to fight 2. Show the way 3. Do it right 4. Know the facts 5. Expect the worst 6. Seize the day 7. Burn the bridges 8. Do it better 9. Pull together 10. Keep them guessing “…the true object of war is peace.” · Sales manager feels his own product is the best and he wants to gain the most market share possible. Becoming a monopoly in an industry because when a company is the most dominant in an industry, there is no war anymore, just peace. When you are a monopoly, you control the price, so there is no competition between other businesses. Brand loyalty is the more realistic view, because monopolies are not allowed to exist anymore. “When the fire breaks out inside the enemy’s camp, respond at once with an attack from without.” · If a competitor is having internal problems, then this is your opportunity to gain their market share and their customer base. Chapter 1 Transaction selling: a series of transactions, each one involving separate organizations entering into an independent transaction involving the delivery of a product or service in return for compensation Relationship selling: focuses on building relationships between customers and suppliers to increase transactions · Sales managers must prioritize their customers, creating partnerships with some while seeking to maximize efficiencies with others
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· Much of the success selling firms achieve with smaller, entrepreneurial customers is due to listening to what customers want from a vendor Post WWII, the US economy was product oriented, but economic pressures have forced firms to become customer oriented. · Increasing competition (quality and customer service oriented), technological advances (social media) · US firms have become more market oriented because of quality, customer service and price o Can’t have all in common quality OR price In today’s global society, even small domestic companies are doing business in international markets as a result of independent distributor relationships, trade shows and the ability of the Internet to generate awareness and interest anywhere. Things that affect global marketing are: · Exchange rate, cultural differences, labor costs, copy rights (China) and regulations Sales forces are becoming less hierarchical with fewer layers of management while more responsibility is being given to the salesperson. Leading vs. Managing 1. Communicating with salespeople rather than controlling them 2. Becoming a cheerleader and coach instead of a supervisor or boss 3. Empowering salespeople to make decisions rather than directing them Sales management is all activities, processes and decisions involved in managing the sales function in an organization · Recruiting, interviewing, compensation Virtual company: uses different agencies from all over your company spread out
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