CLEP Principles of Marketing Study Notes

Macro marketing looks at marketing function in

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Macro-Marketing – looks at marketing function in relation to society as a whole. Micro-marketing – looks at activities of individual organizations. Marketing Information Systems (MIS) – organized way of continually gathering & analyzing data to provide marketing managers w/ the most up-to-date- info they need to make decisions. Decision Support Systems (DSS) – computerized systems that help any decision maker, not just marketing managers. Time Series Analysis – statistical forecasting tool Marketing Research – helpful to solve non-routine problems. Consumer Panels – groups of customers who collect data. Sales Era – emphasis on selling more parts & outselling the competition. Production Era – focused on production of products. Marketing Company Era – time when companies embraced marketing concept. Simple Trade Era – wen middlemen were introduced in the early role of marketing involving simple distribution. Marketing Department Era – tied together various marketing efforts under 1 department. Market-Directed Economic Systems – prices vary to allocate resources and distribute income according to consumer preferences, so price is a rough measure of the value of resources used to produce goods & services. Marketing (true statements): applies to both for-profit & nonprofit organizations, affects products/services that are bought as well as product prices. Advertising & sales promotion are areas in the marketing mix & marketing decisions would include how to sell products. Pure Subsistence Economy – family units make all the products they consume. (Marketing does not occur in this instance, because 2 or more parties have to be willing to exchange something/for something else.) Planned Economy – government makes all decisions about the production & distribution of products & services. Economies of Scale – as a company produces larger quantities of an item, the cost producing each item goes down. Micro-Marketing – looks at marketing as a set of activities. Possession Utility – concept looks at satisfying customers needs. Form Utility – something that is made out of some other material (s), usually called raw materials. Time Utility – having product ready for customer. Magnuson Act of 1975 – ensures that warranties are clear and definite – not deceptive or unfair. U.S. Common Law – producers of goods must warrant their products as merchantable. UPC Code – identifies products w/ readable electronic code was developed to speed handling of fast-selling products.
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Federal Fair Packaging & Labeling Act of 1966 – required goods to be clearly labeled & understandable. When marketers compare their product to competitor’s offerings, they are concerned w/ quality & satisfaction of the total product and formulate a SWOT (strengths, weaknesses, opportunities, threats) analysis. Service – deed performed by 1 party for another at a cost. Supplies – expense items that do not become a part of a finished product and are tangible.
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