MKT Exam 1 Essay example

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Marketing Study Guide Exam 1

Chapter 1.
-Marketing: The activity, set of institutions, and processes for creating, capturing, communicating, delivering and exchanging offering that have value for customers, clients, partners, and society at large.
-Needs & Wants: the marketplace can be segmented into groups of people who are pertinent to an organization for particular reasons.
-Exchange: the trade of things of value between the buyer and the seller so that each is better off as a result.
-4 P’s (Marketing Mix): The controllable set of activities that the firm uses to respond to the wants of its target markets. -Product: create value by developing a variety of offerings, including goods, services, and ideas to satisfy customer needs. Goods are items that you can physically touch. Services are intangible customer benefits that are produced by people or machines and cannot be separated from the producer. Ideas: opinions, programs, and philosophies. -Price: Price is everything the buyer gives up- money, time, energy- in exchange for the product/ service. The key in determining price is determining how much a consumer is willing to pay & assess whether a profit can be made or not. -Place: Represents all of the activities necessary to get the product to the right customer when that customer wants it. Supply chain management. -Promotion: Communicating value. Promotions are communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response.
-B2C: business to consumer marketing, process in which businesses sell to customers.
-B2B: business to business marketing, process of selling merchandise or services from one business to another.
-C2C: customer to customer marketing, customers sell to other customers. Ex. Ebay.
-Stakeholders: partners in the supply chain, employees, and society at large. -Employment marketing: undertaking marketing research to understand what potential employees are seeking; as well as what they think about the firm.
-Marketing Value: reflects the relationship of benefits to costs, or what you get for what you give. Customers seek a fair return in goods or services for their hard-earned money and scarce time. -Value co creation: customers can act as collaborators to create the product or service. Ex. Customizable Nike shoes and M&M’s.

-Relationships: -Transactional orientation: regards the buyer-seller relationships as a series of individual transactions. Ex. Used car sales. Seller wants highest price, buyer wants the lowest price- neither expects to do business together again. -Relational orientation: Buyers and sellers should develop a long-term relationship. The lifetime profitability of this relationship is what matters. Ex. UPS & Apple. -Customer relationship management (CRM): a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers.
-Why is marketing important? -Expands Firms’ Global Presence. -Marketing is pervasive across the supply chain. -Marketing enriches society. Ex. Civic responsibility. -Marketing can be Entrepreneurial. Entrepreneurs: people who organize, operate, and assume the risk of a new business venture. Ex. Amazon, Netflix.

Chapter 2.
-Marketing Strategy: identifies 1. A firm’s target market, 2. A related marketing mix (4 P’s), and 3. The bases on which the firm plans to build a sustainable competitive advantage.
-Sustainable competitive advantage: an advantage over the competition that is not easily copied and thus can be maintained over a long period of time. This is key to long-term financial performance.
-Customer value: 4 macro strategies that focus on aspects of the marketing mix to create and deliver sustainable competitive advantages. 1. Customer Excellence: focuses on…